The Center for Advanced Hindsight conducted research in Chile with low-income micro- entrepreneurs who earned an average of 84,188 pesos ($175) per month. Sixty-eight percent of participants did not have a savings account prior to the study. They were required to sign up for an account based on the savings group they were assigned to receive one of the following:
- basic savings account with an interest rate of 0.3%.
- basic savings account with an interest rate of 0.3%. The participants were also part of a self-help peer group in which they could voluntarily announce their savings goals and monitor their progress on a weekly basis.
- high interest rate account with a 5% interest rate.