Framing the Future: Using Investment and Assurance Frames to Encourage Retirement Information Search

41 Pages Posted: 30 Oct 2017 Last revised: 17 Jul 2018

Wiebke Eberhardt

Maastricht University

Elisabeth Brüggen

Maastricht University

Thomas Post

Maastricht University - School of Business and Economics - Department of Finance; Netspar

Chantal Hoet

Aegon

Date Written: July 4, 2018

Abstract

Many pension plan participants are inactive. They do not look up information on their retirement income and discover pension gaps too late to take action. We analyze how pension communication framing interventions motivate participants to acquire retirement income information. First, we show that classical loss frames (vs. gain) are an effective intervention, but also evoke negative perceptions and evaluations. Second, we develop new frames (assurance, investment) tapping into the same psychological mechanisms while avoiding loss wording. Based on a field experiment with 7,315 pension plan participants we find assurance framing to be an effective intervention that also avoids evoking negative evaluations.

Keywords: Framing, Information Acquisition, Pensions

JEL Classification: D14, D83, D91, H31

Suggested Citation

Eberhardt, Wiebke and Brüggen, Elisabeth and Post, Thomas and Hoet, Chantal, Framing the Future: Using Investment and Assurance Frames to Encourage Retirement Information Search (July 4, 2018). Available at SSRN: https://ssrn.com/abstract=3060519 or http://dx.doi.org/10.2139/ssrn.3060519

Wiebke Eberhardt (Contact Author)

Maastricht University ( email )

Maastricht, 6200 MD
Netherlands

Elisabeth Brüggen

Maastricht University ( email )

P.O. Box 616
Maastricht, 6200MD
Netherlands

Thomas Post

Maastricht University - School of Business and Economics - Department of Finance ( email )

Tongersestraat 53
Maastricht, 6200 MD
Netherlands
+31 43 38 83899 (Phone)
+31 43 38 84875 (Fax)

HOME PAGE: http://www.thomas-post.com

Netspar ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

HOME PAGE: http://www.netspar.nl

Chantal Hoet

Aegon ( email )

2501 CE The Hague
Netherlands

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