Nudging Youth to Develop Savings Habits: Experimental Evidence Using SMS Messages
Nudging Youth to Develop Savings Habits: Experimental Evidence Using SMS Messages
7 July, 2020 •Similar Articles
Incentives for Loan Repayments: Evidence from a Randomized Field Study
This field experiment tests an innovative approach for helping automobile loan borrowers make their loan payments on time. Borrowers were randomly ...
To remit, or not to remit: that is the question. A remittance field experiment
We conduct a remittance field experiment among Salvadoran migrants in the metro DC area. Migrants need to decide whether or not to remit funds to a...
Managing Risk with Insurance and Savings: Experimental Evidence for Male and Female Farm Managers in the Sahel
Although there is fast-growing policy interest in offering financial products to help rural households manage risk, the literature is still scant a...
A field experiment articulating financial information via cell phone text messages and financial decisions among low-income youth in Colombia. For twelve months, youth accountholders are randomly assigned to receive either: (a) monthly financial education messages, (b) monthly savings reminders, (c) semi-monthly reminders, or (d) control. After 12 months, account balances in monthly and semi-monthly reminders groups increase by 28% and 43%, respectively, relative to controls. Financial education messages do not increase balances. Over two thirds of balance increases in reminder groups are net savings. Savings effects of reminders last eight months after youth stop receiving messages.