Table 3.
Tuticuenta Net Account Balances After Twelve-Month Text-Message Campaign
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Equation Outcome | Normalized Control Mean | Financial Education | Monthly Reminder | Semimonthly Reminder ( | Equation-level reatment joint gnificance tests Randomization p-value) |
| Net Balance After 13 Months | 9.2 | 5.12 (16.07) | 36.14** (18.30) | 32.08** (15.85) | 0.072 |
| Net Balance After 14 Months | 7.4 | 10.47 (18.06) | 22.88* (12.28) | 32.18** (16.11) | 0.154 |
| Net Balance After 15 Months | 5.9 | −2.14 (15.62) | 18.00 (12.35) | 37.63** (16.62) | 0.021 |
| Net Balance After 16 Months | 6.9 | 2.79 (16.35) | 18.50 (12.98) | 41.91** (17.33) | 0.021 |
| Net Balance After 17 Months | 8.6 | 4.75 (16.98) | 17.78 (13.16) | 34.59** (17.10) | 0.096 |
| Net Balance After 18 Months | 5.2 | 6.13 (16.41) | 21.68 (13.26) | 37.30** (16.97) | 0.068 |
| Net Balance After 19 Months | 3.8 | 7.36 (16.54) | 24.26* (13.60) | 38.94** (18.14) | 0.065 |
| Net Balance After 20 Months | 2.4 | 7.49 (16.47) | 31.61** (14.92) | 41.40** (19.16) | 0.048 |
| Omnibus Test of Treatment Joint Significance | |||||
| Randomization p-value | 0.590 | 0.173 | 0.025 | 0.137 | |
| Observations | 10,053 |
Notes: Net Monthly Tuticuenta account balances are in US dollars and are normalized at the individual-level to be zero in account-opening month (month zero). Column 1 shows normalized control means. Columns 2, 3 and 4 show coefficients of interest of regression models that include branch and opening month fixed effects to account for the stratified random assignment design. Additional control variables include age, strata dummies, education level dummies as in Table 2, gender and migrant status of accountholder. We use randomization inference and re-randomize 2,000 times treatment assignments across participants within each randomization strata to construct significance tests for each time period we observe, and to calculate an omnibus test of overall significance that combines all outcomes (Young, 2018). Column 5 presents the randomized p-value of the equation-level joint treatment joint significance tests for each month. 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.