UM22-Q2: The Impacts of the Social Security Statement on Peoples’ Knowledge and Behavioral Intentions
Social Security information can be complex but crucial for financial planning. The redesigned Social Security statement aims to better inform the public. We plan to assess the impact of the redesign on people’s understanding of Social Security, their interest in financial planning and for acquiring further information, and their intended behavior (such as intended age for claiming retirement benefits). We do this through a randomized control trial of an information treatment that uses the revised and old versions of the Statement for the treatment and control groups respectively. Finally, we provide an orthogonal treatment that encourages respondents to check the revised statement through their my Social Security account, and test whether those exposed to the revised statement are more likely to do so.