Table A7.
Tuticuenta Account Balances During Twelve-Month Text-Message Campaign – Balances without normalizing at the individual level to month zero
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Equation Outcome | Control Mean | Financial Education | Monthly Reminder | Semimonthly Reminder | Equation-level treatment joint significance tests (Randomization p-value) |
| Net Balance After 1 Month | 59.6 | 4.21 (6.25) | 1.77 (4.66) | 12.87 (9.69) | 0.302 |
| Net Balance After 2 Months | 58.1 | 6.82 (9.14) | 7.70 (6.66) | 17.09* (9.50) | 0.229 |
| Net Balance After 3 Months | 60.9 | 8.66 (9.11) | 4.22 (7.36) | 13.05 (8.33) | 0.395 |
| Net Balance After 4 Months | 74.2 | −12.01 (10.33) | −3.88 (10.97) | 3.56 (1119) | 0.424 |
| Net Balance After 5 Months | 70.5 | −4.02 (9.52) | −3.53 (8.85) | 14.29 (10.97) | 0.156 |
| Net Balance After 6 Months | 65.7 | 0.73 (9.09) | 5.47 (8.91) | 25.86** (11.49) | 0.026 |
| Net Balance After 7 Months | 63.9 | 3.45 (9.65) | 17.93* (10.78) | 36.60*** (13.89) | 0.007 |
| Net Balance After 8 Months | 72.4 | −7.34 (10.71) | 7.07 (11.98) | 36.47* (20.16) | 0.018 |
| Net Balance After 9 Months | 71.0 | −3.06 (9.52) | 14.14 (11.22) | 35.06** (17.15) | 0.013 |
| Net Balance After 10 Months | 68.8 | −1.56 (9.45) | 8.54 (10.62) | 28.69** (14.37) | 0.044 |
| Net Balance After 11 Months | 69.3 | −5.50 (8.79) | 13.34 (11.65) | 25.32* (14.18) | 0.041 |
| Net Balance After 12 Months | 72.4 | −2.07 (9.57) | 2.70 (10.12) | 16.53 (13.73) | 0.368 |
| Omnibus Test of Treatment Joint Significance | |||||
| Randomization p-value | 0.257 | 0.004 | 0.001 | 0.039 | |
| Observations |
Notes: Monthly Tuticuenta account balances are in US dollars. Columns 1,2 and 3 show coefficients of interest of regression models that include branch and opening month fixed effects to account for the stratified random assignment design. Additional controls are those in Table 1, gender and migrant status of accountholder. We use randomization inference and re-randomize 2,000 times within each randomization strata to construct significance tests, and to calculate an omnibus test of overall significance that combines all outcomes (Young, 2018). The last row presents the randomization p-value of the Omnibus Test of Treatment Joint Significance for each treatment separately. All results reflect those obtained from randomization c as suggested by Young (2018). Standard errors clustered at month of opening by bank branch in parentheses.
p<0.10
p<0.05
p<0.01.
All monetary variables were calculated in US dollars using the market representative rate of 1USD for 2393.58 Colombian pesos, from May 4 2015.