Borrowing to Save? The Impact of Automatic Enrollment on Debt
研究美国陆军新文职员工自动加入退休储蓄计划是否导致借贷增加和财务困境，发现四年后储蓄增加但未显著恶化信用评分或债务。
ABSTRACT Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan. Four years after hire, automatic enrollmentincreases cumulative contributions to the plan by 4.1% of annual salary, but we find little evidence ofincreased financial distress. Automatic enrollment causes no significant change in credit scores, debt balances excluding auto debt and first mortgages, or adverse credit outcomes, with the possible exception of increasedfirst‐mortgage balances in foreclosure.