The Power of Financial Incentives versus the Power of Suggestion for Individual Pension: Are Financial Incentives or Automatic Enrollment Policies More Effective?
Abstract:This study investigates and compares the impacts of two important reforms in retirement savings—matching contribution and automatic enrollment—on participation in the individual pension system (IPS) in Turkey by using a dataset containing information about over 40 million pension contracts for the period of 2004–2021. Unlike the automatic enrollment system (AES), the state matching contribution policy imposes a burden on the state’s budget; understanding the relative effectiveness of the two policies can help … Show more
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