Table 7.
Phone Survey Results
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Outcome | Control Mean | Financial Education | Monthly Reminder | Semimonthly Reminder | Any Treatment Joint Significance |
| A. Savings substitution | |||||
| Saves elsewhere | 0.374 | −0.13 (0.10) | −0.17 (0.13) | −0.15 (0.11) | −0.15* (0.09) |
| Saves in another bank account | 0.027 | −0.04 (0.04) | 0.02 (0.06) | 0.00 (0.05) | −0.01 (0.04) |
| Saves at home | 0.347 | −0.09 (0.10) | −0.19 (0.11) | −0.15 (0.10) | −0.14* (0.08) |
| B. Control over spending, aspirations and financial knowledge | |||||
| Always or very often controls monthly spending | 0.347 | 0.07 (0.12) | 0.07 (0.12) | 0.13 (0.11) | 0.09 (0.10) |
| Understands interest concept | 0.327 | −0.07 (0.11) | −0.02 (0.12) | −0.08 (0.10) | −0.06 (0.09) |
| Has graduate school education level aspirations | 0.367 | 0.00 (0.10) | −0.00 (0.12) | 0.07 (0.12) | 0.03 (0.09) |
| C. Text-message recall and control over account | |||||
| Proportion of respondents who recall receiving SMS | N.A. | 0.364 | 0.380 | 0.437 | 0.395 |
| Someone else also has control over Tuticuenta | 0.381 | −0.08 (0.11) | −0.17 (0.11) | −0.03 (0.13) | −0.09 (0.10) |
| Observations | 491 |
Note: Table shows treatment assignment estimates from linear probability (OLS) models based on phone survey data. Control variables not shown include age, strata, education level dummies as in Table 2, gender and migrant status of accountholder as well as branch-month opening month fixed effects. Standard errors clustered at month of opening by bank branch in parentheses.
*
p<0.10
**
p<0.05
***
p<0.01.