Science of Savings

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One of the major reasons individuals do not reaching their savings goals is a lack of planning (Lusardi, Keller). This is contrary to belief that people cannot save because they just don’t have enough money. Given this insight, a Dartmouth research team designed a planning aid that reduced the complexity of opening an account and contributing to a pension program. They decreased the time to set up a plan and highlighted how little money it takes to start. This intervention alone doubled enrollment within 60 days of implementation.

As this example shows, and many other academics and banks have proven, small changes to the design of a savings system can have big effects on participation rates.

In this whitepaper we summarize some of the main principles that should be used when designing an end-to-end savings system.

Download the paper and as a bonus you will get a detailed, visual example of the whitepaper principles in action.

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Science of Savings

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