While popular with policymakers, most evidence on consumer financial disclosure’ s effectiveness studies borrowing decisions (where optimality is unclear) or lab experiments (where attention is not scarce). We provide field evidence from randomized controlled trials with 124,000 savings account holders at five UK depositories. Treated consumers were disclosed varying degrees of salient information about alternative products, including one with their current provider strictly dominating their current product. Despite switching taking roughly 15 minutes and the moderate average potential gains ($190/year), switching is rare across disclosure designs and depositors. We find pessimistic beliefs drive disclosure inattention and limit disclosure’ s effectiveness, helping explain deposit stickiness.

尽管受到政策制定者的欢迎，但大多数有关消费者财务披露有效性的证据都是借用决策（尚不清楚最优性）或实验室实验（不乏关注）的研究。我们提供来自5个英国存托处的124,000个储蓄账户持有人的随机对照试验的现场证据。披露了对待过的消费者有关替代产品的不同程度的重要信息，包括一个由其当前提供者严格控制其当前产品的显着信息。尽管切换大约需要15分钟，并且平均潜在收益适中（每年190美元），但在披露设计和储户之间很少进行切换。我们发现悲观的信念会驱使披露注意力不足并限制披露的有效性，从而有助于解释存款的粘性。