Co-written with Alejandra Martinez
Products that remind people to save may improve individuals' ability to take future needs into account, stall unnecessary consumption in the present, and change savings behavior. Furthermore, reminders to save money, such as in the form of a text message or letter, may also encourage people to commit to their savings goals. IPA's research on this topic has evaluated the effectiveness of savings reminders and/or products in a number of countries, including Bolivia, Peru and the Philippines.
Despite good intentions, people often make less-than-optimal financial choices. In this series, we match insights from our global research in behavioral economics with specific financial service...