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Regulatory mode and willingness to increase retirement savings contributions

Department of Family Sciences, University of Kentucky, Lexington, Kentucky 40506 Department of Psychology and Management at the Business School, Columbia University, New York, New York 10027 Correspondence Hyungsoo Kim, University of Kentucky, 321 Funkhouser Building, Lexington, KY 40506. Email: hkim3@uky.edu Abstract This study examined how two self-regulatory modes, locomotion and assessment, relate to the willingness to increase retirement savings. Locomotion is concerned with making things happen (“just do it”). Assessment is concerned with critical evaluation (“do the right thing”). We hypothesized that individuals who score high (vs. low) in locomotion, but not those who score high (vs. low) in assessment, would be more willing to increase their savings for retirement. In addition, because high (vs. low) assessment can lead to doing the right thing in terms of seeking to maximize economic returns, we hypothesized that combining high locomotion with high assessment would especially motivate willingness to increase retirement savings. We found support for both hypotheses from a survey of university employees.