Hostname: page-component-8448b6f56d-m8qmq Total loading time: 0 Render date: 2024-04-23T17:09:56.426Z Has data issue: false hasContentIssue false
  • English
  • Français

Delivering information about retirement saving among Hispanic women: two Facebook experiments

Published online by Cambridge University Press:  16 October 2018

LUISA R. BLANCO  and
LUIS M. RODRIGUEZ
LUISA R. BLANCO*
Affiliation:
Pepperdine University, School of Public Policy, Malibu, CA, USA
LUIS M. RODRIGUEZ
Affiliation:
Ogilvy, Los Angeles, CA, USA
*
*Correspondence to: Pepperdine University, School of Public Policy, 24255 Pacific Coast Highway, Malibu, CA90263, USA. Email: lblanco@pepperdine.edu
Get access Rights & Permissions [Opens in a new window]

Abstract

We conducted two Facebook experiments (the first one during July 21–25, 2016, and the second during April 22–25, 2018) to determine what type of message related to injunctive norms is more effective in getting Hispanic women interested in learning about financial planning for retirement. We also explore how social media tools could be used in future interventions to promote retirement saving among Hispanic women. In both experiments, we found that a message centered on peer influence may be more successful than a message centered on familism in getting Hispanic women interested in learning more about financial planning for retirement. When we disaggregate our data by age and state, we find that click-through rates were higher among Hispanic women between 45 and 55 years old, and the largest numbers of impressions were among Hispanic women in California and Texas. When we disaggregate our data by device, we find that most study participants were reached through an Android smartphone.

Type
Articles
Information
Behavioural Public Policy , Volume 4 , Issue 3 , November 2020 , pp. 343 - 369
Copyright
Copyright © Cambridge University Press 2018

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Akerlof, G. A. and Kranton, R. E. (2000), ‘Economics and identity’, The Quarterly Journal of Economics, 115: 715–753.CrossRefGoogle Scholar
Bailey, J., Nofsinger, J. and O'Neill, M. (2004), ‘401(k) retirement plan contribution decision factors: The role of social norms’, Journal of Business and Management, 9: 327–344.Google Scholar
Bertrand, M., Mullainathan, S. and Shafir, E. (2006), ‘Behavioral economics and marketing in aid of decision making among the poor’, Journal of Public Policy & Marketing, 25: 8–23.CrossRefGoogle Scholar
Bertrand, M., Karlan, D., Mullainathan, S., Shafir, E. and Zinman, J. (2010), ‘What's advertising content worth? Evidence from a consumer credit marketing field experiment’, The Quarterly Journal of Economics, 125: 263–306.CrossRefGoogle Scholar
Beshears, J., Choi, J. J., Laibson, D., Madrian, B. C. and Milkman, K. L. (2015), ‘The effect of providing peer information on retirement savings decisions’, Journal of Finance, 70: 1161–1201.CrossRefGoogle ScholarPubMed
Blanco, L., Aguila, E., Gongora, A. and Duru, K. O. (2017), ‘Retirement planning among Hispanics: In God's hands?’, Journal of Aging and Social Policy, 29: 311–331.CrossRefGoogle Scholar
Blanco, L. R., Angrisani, M., Aguila, E. and Leng, M. (2018), ‘Understanding the racial/ethnic gap in bank account ownership among older adults’, Journal of Consumer Affairs, 2.Google Scholar
Blanco, L., Duru, K. O., and Mangione, C. M. (2018), ‘A community based randomized controlled trial of an educational intervention to promote retirement saving among Hispanics’, Working Paper. Pepperdine University.Google Scholar
Brown, A. and Lopez, M. (2013), ‘Mapping the Latino population by state, county, and city’. Pew Research Center. Available online: http://www.pewhispanic.org/2013/08/29/mapping-the-latino-population-by-state-county-and-city/Google Scholar
Brown, J., Rhee, N., Saad-Lessler, J. and Oakley, D. (2016), ‘Shortchanged in retirement continuing challenges to women's financial future’, National Institute on Retirement Security. Available online: http://www.nirsonline.org/storage/nirs/documents/Shortchanged/final_shortchanged_retirement_report_2016.pdf (accessed on December 14, 2016).CrossRefGoogle Scholar
Burtless, G. T. (2004), ‘Social norms, rules of thumb, and retirement evidence for rationality in retirement planning’. The Brookings Institution, CESD Working Paper No. 37. Available online: https://www.brookings.edu/research/social-norms-rules-of-thumb-and-retirement-evidence-for-rationality-in-retirement-planning/ (accessed on December 18, 2016).CrossRefGoogle Scholar
Cialdini, R. B. and Goldstein, N. J. (2004), ‘Social influence: Compliance and conformity’, Annual Review of Psychology, 55: 591–621.CrossRefGoogle ScholarPubMed
Cialdini, R. B., Kallgren, C. A. and Reno, R. R. (1991), ‘A focus theory of normative conduct: A theoretical refinement and reevaluation of the role of norms in human behavior’, Advances in Experimental Social Psychology, 24: 201–234.Google Scholar
Cook, G. (2001), The discourse of advertising. London: Routledge.CrossRefGoogle Scholar
Choi, J., Laibson, D., Madrian, B. and Metrick, A. (2004), ‘Saving for retirement on the path of least resistance’. Working paper. Cambridge, MA: National Bureau of Economic Research.Google Scholar
Croy, G., Gerrans, P. and Speelman, C. (2010), ‘Injunctive social norms primacy over descriptive social norms in retirement savings decisions’, International Journal of Aging & Human Development, 71: 259–282.CrossRefGoogle ScholarPubMed
Cui, Y. and Zhao, Y. (2014), ‘The use of second-person reference in advertisement translation with reference to translation between Chinese and English’, International Journal of Society, Culture and Language, 2: 25–36.Google Scholar
Duflo, E. and Saez, E. (2002), ‘Participation and investment decisions in a retirement plan: The influence of colleagues’ choices’, Journal of Public Economics, 85: 121–148.CrossRefGoogle Scholar
Duflo, E. and Saez, E. (2003), ‘The role of information and social interactions in retirement plan decisions: Evidence from a randomized experiment’, The Quarterly Journal of Economics, 118: 815–842.CrossRefGoogle Scholar
Egan, M. (2013), Nudge Database v1.2. Available online: https://www.stir.ac.uk/media/schools/management/documents/economics/Nudge%20Database%201.2.pdf (accessed on December 16, 2016).Google Scholar
Federal Reserve (2016), ‘Report on the economic well-being of U.S. households in 2015’, Available online: https://www.federalreserve.gov/2015-report-economic-well-being-us-households-201605.pdf (accessed on December 14, 2016).Google Scholar
Fertig, A., Lefkowitz, J. and Fishbane, A. (2015), ‘Using behavioral science to increase retirement savings: A new look at voluntary pension contributions in Mexico. ideas42. Available online: http://www.ideas42.org/wp-content/uploads/2015/11/I42_571_MexicoPensionsReport_ENG_final_digital.pdfGoogle Scholar
Kapp, J. M., Peters, C. and Oliver, D. P. (2013), ‘Research recruitment using Facebook advertising: Big potential, big challenges’, Journal of Cancer Education, 28: 134–137.CrossRefGoogle ScholarPubMed
La Chance, M.-E. (2014), ‘Financial literacy and neighborhood effects’, Journal of Consumer Affairs, 48: 251–273.CrossRefGoogle Scholar
Lusardi, A. and Mitchell, O. S. (2007), ‘Financial literacy and retirement preparedness: Evidence and implications for financial education programs’, CFS Working Paper No. 2007/15.Google Scholar
Lusardi, A. and Mitchell, O. S. (2008), ‘Planning and financial literacy: How do women fare? American Economic Review, 98: 413–417.CrossRefGoogle Scholar
Lusardi, A. and Mitchell, O. S. (2011a), ‘Financial literacy and retirement planning in the United States’, Journal of Pension Economics and Finance, 10: 509–525.CrossRefGoogle Scholar
Lusardi, A. and Mitchell, O. S. (2011b), ‘Financial literacy around the world: An overview’, Journal of Pension Economics and Finance, 10: 497–508.CrossRefGoogle Scholar
Madrian, B. C. (2014), ‘Applying insights from behavioral economics to policy design’, Annual Review of Economics, 6: 663–688.CrossRefGoogle ScholarPubMed
Mintel (2016), ‘Hispanics and money management US’. Available online: http://academic.mintel.com/sinatra/oxygen_academic/list/id=748235&type=RCItem#0_1___page_RCItem=0 (accessed on December 14, 2016).Google Scholar
Prudential (2014), ‘The Hispanic American financial experience’. Available online: https://www.lifehappens.org/wp-content/uploads/2015/02/Research_HispanicAmericanFinancialExperience2014.pdf (accessed on December 14, 2016).Google Scholar
Prudential (2015), ‘Financial experience and behaviors among women’. Available online: http://www.prudential.com/media/managed/wm/media/Pru_Women_Study_2014.pdfGoogle Scholar
Prudential (2016), ‘Perspectives on retirement: 2016 retirement preparedness survey findings’. Available online: https://investment.prudential.com/util/common/get?file=18CAC0B95B49D959852580790076AF83 (accessed on December 14, 2016).Google Scholar
Rabinovich, L., Peterson, J., Smith, B., Gutsche, T. and Montgomery, M. (2016), ‘Preparing for retirement, social security literacy and information preferences among Hispanics: A qualitative study,’ USC CESR-Schaeffer Working Paper Series No. 2016-012.Google Scholar
Reno, R. R., Cialdini, R. B. and Kallgren, C. A. (1993), ‘The transsituational influence of social norms’, Journal of Personality & Social Psychology, 64: 104–112.CrossRefGoogle Scholar
Rhee, N. (2013), ‘Race and retirement insecurity in the United States’. National Institute on Retirement Security. Available online: http://www.nirsonline.org/storage/nirs/documents/Race%20and%20Retirement%20Insecurity/race_and_retirement_insecurity_final.pdf (accessed on December 14, 2016).Google Scholar
Richman, K., Barboza, G., Ghilarducci, T. and Sun, W. (2008), ‘La tercera edad: Latinos’ pensions, retirement, and impact on families’, Research Report, 2008.1. Notre Dame, IN: Institute for Latino Studies, University of Notre Dame.Google Scholar
Richman, K. E., Ghilarducci, T., Knight, R. A., Jelm, E. and Saad-Lesser, J. (2012), ‘Confianza, savings, and retirement: A study of Mexican immigrants’, Research Report, 2012.1. Notre Dame, IN: Institute for Latino Studies, University of Notre Dame. Available online: http://latinostudies.nd.edu/assets/95267/original/confianza_savings_retirement.pdf (accessed on December 14, 2016).Google Scholar
Richman, K., Sun, W., Sena, J., and Chun, S. (2015), ‘Significance of gender for Latina/o savings and retirement. Final report submitted to National Endowment for Financial Education’. Notre Dame, IN: Institute for Latino Studies, University of Notre Dame.Google Scholar
Sabogal, F., Marin, G., Otero-Sabogal, R., VanOss, M. B. and Perez-Stable, E. J. (1987), ‘Hispanic familism and acculturation: What changes and what doesn't?’ Hispanic Journal of Behavioral Sciences, 9: 397–412.CrossRefGoogle Scholar
Schultz, P. W., Nolan, J. M., Cialdini, R. B., Goldstein, N. J. and Griskevicius, V. (2007), ‘The constructive, destructive, and reconstructive power of social norms’. Psychological Science, 18: 429–434.CrossRefGoogle ScholarPubMed
Schwartz, S. H. and Fleishman, J. A. (1978), ‘Personal norms and the mediation of legitimacy effects on helping’, Social Psychology, 41: 306–315.CrossRefGoogle Scholar
Sunstein, C. R. (2014), ‘Nudging: A very short guide’, Journal of Consumer Policy, 37: 583–588.CrossRefGoogle Scholar
Subasinghe, A. K., Nguyen, M., Wark, J. D., Tabrizi, S. N., and Garland, S. M. (2016), ‘Targeted Facebook advertising is a novel and effective method of recruiting participants into a human papillomavirus vaccine effectiveness study’, JMIR Research Protocols, 5: e154.CrossRefGoogle ScholarPubMed
Thaler, R. H. and Sunstein, C. R. (2008), Nudge: Improving decisions about health, wealth, and happiness’. New Haven, CT: Yale University Press.Google Scholar
Vega, W. A. (1995), ‘The study of Latino families’. In: Zambrana, R., editor, Understanding Latino families: Scholarship, policy, and practice. Thousand Oaks, CA: Sage, pp. 3–17.CrossRefGoogle Scholar
Whitaker, C., Stevelink, S. and Fear, N. (2017), ‘The use of Facebook in recruiting participants for health research urposes: A systematic review’, Journal of Medical Internet Research, 19: e290.CrossRefGoogle ScholarPubMed
Women's Institute for a Secure Retirement (WISER) (2008), ‘Minority women and retirement income’. Retrieved from https://www.wiserwomen.org/pdf_files/minoritywomen08.pdf (accessed on December 14, 2016).Google Scholar
Supplementary material: File

Blanco and Rodriguez supplementary material

Blanco and Rodriguez supplementary material
Download Blanco and Rodriguez supplementary material(File)
File 6.1 MB