Journal Articles

Getting Citizens to Save: Media Influence on Incentive-Based Policies

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Governments often introduce financial incentives to citizens in order to encourage ‘personally responsible’ behaviour. Examples of these types of incentives include tax-deferral or tax-free incentives around retirement savings. These types of incentives are shown to matter to investment strategies in the aggregate, but we still lack a full explanation as to how individuals respond to these types of incentives, and what role media play in advertising these incentives. This paper illustrates the potentially vital role that media play in enhancing contributions to one incentive-based policy, the Registered Retirement Savings Plan (RRSP) in Canada (2000–2013), using aggregate contribution data, media data, as well as individual-level survey data from the Canadian Financial Capability Survey. Results show that media advertising of the programme influences contribution outcomes and, while media may not outweigh lifecycle effects such as proximity to retirement, it is nonetheless an essential – and overlooked – motivator for contributions to late-life savings.

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Detail Information

Series Title

Journal of Social Policy

Call Number

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Publisher

Cambridge : Cambridge University Press., 2016

Collation

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Language

English

ISBN/ISSN

0047-2794

Classification

NONE

Content Type

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Media Type

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Carrier Type

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Edition

Volume 45 - Issue 2 - April 2016, pp. 201-222

Subject(s)

Survey
Financial incentives
role media
incentive-based policy

Specific Detail Info

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Statement of Responsibility

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