Document Type

Article

Publication Date

Spring 5-6-2024

Abstract

We evaluated the digital program ICanRetire-Hispanic Segment Experience (ICR-H), which was tailored to Hispanics and sought to improve retirement financial planning knowledge and motivate program participants to take specific actions to prepare for retirement. To our knowledge, this is one of the first digital educational programs on retirement preparedness that was designed to meet the informational needs of Hispanics taking into account cultural influences. We evaluated the program using a randomized controlled trial (RCT) in the Understanding America Study (UAS) Internet panel. We conducted an analysis of differences in means and proportions and Difference-in-Difference (DID) between treatment and control groups for all participants, and for Hispanic and White participants separately. We found the program to be associated with an increase on retirement knowledge, but the DID was not statistically significant. We found that our digital program had a statistically significant positive impact on specific actions related to retirement preparedness such as checking own retirement saving plan online, increasing contributions to retirement saving plan, thinking about retirement age and how much to save for retirement, reading about retirement from a printed source, and talking about retirement preparedness with a family member. We also found that our digital program successfully engaged participants to learn about retirement preparedness online, and that the program experience was similar for Hispanic and White participants.

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