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The purpose of this study was to introduce a relatively new methodology of combining experimental design and survey data in the context of personal financial decision making. The NC2172 research team collected data online while manipulating framing effects, aspirations, and gender on hypothetical student loan decisions. The paper describes the development of the experimental conditions, demonstrates the effectiveness of the manipulations, and explains the importance and structure of random assignment of respondents across conditions. It seeks to guide future attempts utilizing experimentally designed online surveys by providing potential benefits and challenges.

Tax‐deferred retirement (TDR) plans, including Simplified Employee Pensions, Savings Incentive Match Plan for Employees (SIMPLEs), and solo 401(k) plans, are examples of the tax advantaged plans the federal government has developed to encourage retirement savings among the self‐employed. The Survey of Consumer Finances was used to determine if families with a self‐employed worker who uses savings rules are more likely to contribute to TDR saving accounts. The analysis reveals savings rules have a positive effect on the likelihood of making retirement contributions, even after controlling for other known associated factors. Use of a financial planner, higher marginal tax rates, retirement savings motives, financial assets, and age until retirement are positively related to tax‐deferred contributions. Greater liquidity constraints and future income uncertainty are negatively related to tax‐deferred contributions. Establishing specific savings rules could help families of self‐employed workers have the tools needed for retirement preparation.

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