A social norm nudge to save more : a field experiment at a retail bank

A large fraction of households have very little savings buffer and are there-fore vulnerable to financial shocks. We examine whether a social norm nudgecan stimulate such households to save more by running a small-scale survey ex-periment and a large-scale field experiment at a retail bank in the Netherlands.The survey experiment shows that a social norm nudge increases intended sav-ings. In line with this, we find in our field experiment that households whoare exposed to the social norm nudge click more often on a link to a personalwebpage where they can start or adjust an automatic savings plan. However,analyzing detailed bank data, we find no treatment effect on actual savings,neither in the short run nor in the long run. Our null findings are quite pre-cisely estimated.