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dc.titleSaving without Barriers: Lessons from the Retirement Savings Laboratory's Pilot Projects
dc.contributor.authorAzuara Herrera, Oliver
dc.contributor.authorBosch, Mariano
dc.contributor.authorCaballero, Gustavo
dc.contributor.authorCofré, Fabián
dc.contributor.authorGonzález, Stephanie
dc.contributor.authorHand, Anne
dc.contributor.authorKeller, Lukas
dc.contributor.authorRodríguez Tapia, Catalina
dc.contributor.authorSilva Porto, María Teresa
dc.contributor.authorVivanco, Fermín
dc.contributor.orgunitLabor Markets Division
dc.contributor.orgunitIDB Lab
dc.coverageColombia
dc.coveragePeru
dc.coverageChile
dc.coverageMexico
dc.coverageLatin America
dc.date.available2021-04-01T00:00:00
dc.date.issue2021-04-01T00:00:00
dc.description.abstractThis document presents the Retirement Savings Laboratorys (Laboratory) main findings, lessons, and challenges from several pilot interventions aimed at promoting voluntary pension savings among independent and low-income workers in Chile, Colombia, Mexico and Peru. The interventions were implemented over four years using various tools based on behavioral economics and new technologies. The four main lessons that were obtained are: (1) Solutions linked to a source of income have a significant impact on generating voluntary savings. However, scaling them for the low-income and self-employed population is challenging; (2) Reminders are easy to scale and cost-effective, but they have little impact on saving for retirement and they dont always work; (3) Making saving easy must be accompanied by better financial and social security education; (4) Betting on voluntary retirement savings requires institutional leadership to overcome regulatory and technological barriers, as well market failures that make it difficult to implement scalable and effective savings solutions. Finally, the document offers a perspective on how to move towards a voluntary savings pillar for the entire adult population by creating a favorable regulatory environment, designing inclusive financial products, and leveraging technology to expand outreach to more people and offer simple and accessible savings channels.
dc.format.extent133
dc.identifier.doihttp://dx.doi.org/10.18235/0003177
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/Saving-without-Barriers-Lessons-from-the-Retirement-Savings-Laboratorys-Pilot-Projects.pdf
dc.identifier.urlhttps://publications.iadb.org/publications/spanish/document/Ahorro-sin-barreras-Lecciones-de-las-intervenciones-del-Laboratorio-de-Ahorro-para-el-Retiro.pdf
dc.language.isoen
dc.mediumAdobe PDF
dc.publisherInter-American Development Bank
dc.subjectPension Systems
dc.subjectRetirement Saving
dc.subjectSaving Plan
dc.subjectInformal Labor
dc.subjectBehavioral Economics
dc.subjectDigital Technology
dc.subject.jelcodeC93 - Field Experiments
dc.subject.jelcodeG23 - Non-bank Financial Institutions • Financial Instruments • Institutional Investors
dc.subject.jelcodeD83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness
dc.subject.jelcodeD14 - Household Saving; Personal Finance
dc.subject.jelcodeD91 - Intertemporal Household Choice • Life Cycle Models and Saving
dc.subject.jelcodeH55 - Social Security and Public Pensions
dc.subject.jelcodeJ26 - Retirement • Retirement Policies
dc.subject.jelcodeE21 - Consumption • Saving • Wealth
dc.subject.jelcodeD15 - Intertemporal Household Choice - Life Cycle Models and Saving
dc.subject.jelcodeG53 - Financial Literacy
dc.typeMonographs
idb.identifier.pubnumberIDB-MG-00907
idb.operationRG-M1277
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