In collaboration with the World Bank and M-PESA (a mobile phone-based money transfer, financing and microfinancing service), we conducted a field study aimed at encouraging low-income Kenyans to save more. Building on research showing that people are motivated when they have a tangible representation of their savings, study participants were given one of 12 different interventions intended to serve as a reminder.
Of the 12 possibilities, participants given a fake gold coin with a number for each week of the study (as a physical reminder of savings) was the most effective intervention. The coin served as a constant reminder to save in the everyday environment. The other 11 intervention reminders were not as tangible and visible as the coin.
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