Intervention

Tailored messages and savings

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Bolivia, Peru, the Philippines

Researchers attempted to understand the effect that different types of text message reminders might have on participants in various countries. Participants opened a savings account that incentivized them to reach a savings goal. In one condition, participants received a text message/letter each month encouraging them to reach their savings goal while in the other condition, the control condition, no reminder was sent. The results showed that participants who received reminders were more likely to reach their savings goals. Additionally, reminders that encouraged participants by mentioning the individuals' specific goals were twice as likely to be effective when compared to reminders that did not mention their specific goals.

Biases Used

Bias

Other Applications: Charitable Giving, Health and Well-being