Table A8.

Randomization p-values for equality of account balance treatment effects across groups

Month	Financial Ed = Monthly Reminders	Financial Ed = Semimonthly Reminders	Monthly Reminders = Semimonthly Reminders
	(1)	(2)	(3)
A. During the SMS campaign
1	0.81	0.33	0.32
2	0.43	0.29	0.56
3	0.71	0.53	0.63
4	0.12	0.10	0.84
5	0.40	0.11	0.20
6	0.25	0.04	0.17
7	0.09	0.02	0.35
8	0.08	0.03	0.23
9	0.05	0.03	0.40
10	0.13	0.05	0.36
11	0.03	0.04	0.74
12	0.22	0.16	0.62
B. After the SMS campaign
13	0.12	0.11	0.83
14	0.44	0.25	0.50
15	0.14	0.02	0.17
16	0.28	0.03	0.12
17	0.39	0.10	0.26
18	0.30	0.09	0.31
19	0.26	0.10	0.38
20	0.13	0.10	0.60

Notes: Table reports the p-value for various tests of equality of treatment effects on net account balances. Regressions models include branch and opening month fixed effects to account for the stratified random assignment design, with standard errors clustered at month of opening by branch. Additional control variables include age, strata dummies, education level dummies as in Table 2, gender and migrant status of accountholder.