Empowering investors with social annotation when saving for retirement

Junius Gunaratne, Jeremy Burke, Oded Nov

    Research output: Chapter in Book/Report/Conference proceedingConference contribution

    Abstract

    Financial prospectuses, which are available to consumers who buy financial products, are intended to help inform decision-making. While prospectuses provide a wealth of information, they are complex and difficult to understand for the vast majority of their intended readers. To help nonexperts make informed decisions, we investigated how social annotations with comparative statements embedded into online prospectuses influence users' decisions and perceptions about decisions. We recruited 31 pre-study users to annotate 10 retirement saving plan prospectuses. We then embedded these annotations in prospectuses provided to another set of 228 users (147 novices and 81 experts) in a 35-period retirement saving simulation. Novices benefited from exposure to social annotations, and were more likely to meet their retirement saving goals than those not exposed to annotations. Exposure to social annotations brought novices' performance level to that of experts, but at the same time, led them to lower perceived understanding of the prospectus.

    Original languageEnglish (US)
    Title of host publicationCSCW 2017 - Proceedings of the 2017 ACM Conference on Computer Supported Cooperative Work and Social Computing
    PublisherAssociation for Computing Machinery
    Pages1066-1081
    Number of pages16
    ISBN (Electronic)9781450343350
    DOIs
    StatePublished - Feb 25 2017
    Event2017 ACM Conference on Computer Supported Cooperative Work and Social Computing, CSCW 2017 - Portland, United States
    Duration: Feb 25 2017Mar 1 2017

    Publication series

    NameProceedings of the ACM Conference on Computer Supported Cooperative Work, CSCW

    Other

    Other2017 ACM Conference on Computer Supported Cooperative Work and Social Computing, CSCW 2017
    CountryUnited States
    CityPortland
    Period2/25/173/1/17

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    Keywords

    • Behavior change
    • Decision making
    • Personal finance
    • Retirement saving
    • Social annotation

    ASJC Scopus subject areas

    • Software
    • Computer Networks and Communications
    • Human-Computer Interaction

    Cite this

    Gunaratne, J., Burke, J., & Nov, O. (2017). Empowering investors with social annotation when saving for retirement. In CSCW 2017 - Proceedings of the 2017 ACM Conference on Computer Supported Cooperative Work and Social Computing (pp. 1066-1081). (Proceedings of the ACM Conference on Computer Supported Cooperative Work, CSCW). Association for Computing Machinery. https://doi.org/10.1145/2998181.2998253