Can text messages to cell phones induce low-income youth to save and cultivate financial capability? A 12-month field experiment in Colombia randomized approximately 10,000 low-income youth into four groups: One group received monthly financial education messages, another received monthly savings reminders, a third received semimonthly reminders, and the control group received no messages. The findings suggest that mobile technology can play a role in developing financial capability and influence financial behavior.
Project: YouthSave
Citation
Rodríguez, C., & Saavedra, J. E. (2019). The persistent effects of youth savings reminders: Experimental evidence from text-message campaigns in Colombia. Journal of Development Economics, 139, 135–156. https://doi.org/10.1016/j.jdeveco.2019.03.001