Financial Health Solutions: Increasing Savings with a Choice at Onboarding
How can employers encourage workers to build their savings? Even, an employer-based earned-wage access platform, partnered with the Financial Health Leaders Lab to test the impact of presenting savings as an active choice during onboarding to its app.
Users who received the active choice messaging were more likely to engage in automatic savings than those who did not receive the messaging.
The number of users who saved via automatic paycheck withdrawals was 31% higher after eight months for those who were presented with an active choice compared to those who received no message.
Individuals who saw active choice messaging had 42% greater savings balances after eight months – $52 versus $36 for those who did not receive such messaging.
Data Spotlight
31% more people who saw the active choice messaging engaged in automatic savings than the comparison group eight months after onboarding (a difference of 5 percentage points).
Our Supporters
This report is made possible through the generous support of MetLife Foundation, a founding sponsor of our financial health work.
About The Financial Health Leaders Lab
The Financial Health Network helps companies incorporate behavioral science principles into their product design and rigorously test the financial health impact of their products. This research was conducted through the Financial Health Leaders Lab, a program available exclusively to Financial Health Network Members, which supports a select group of companies developing and testing innovations to improve financial health.
Written by
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ManagerFinancial Health Network -
Director, Behavioral EconomicsFinancial Health Network
Financial Health Solutions: Increasing Savings with a Choice at Onboarding
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