Nudges for Financial Health: Global Evidence for Improved Product Design
Despite good intentions, people often make less-than-optimal financial choices. In this series of briefs, Innovations for Poverty Action (IPA) matches insights from its global research in behavioral economics with specific financial service and product design opportunities both for providers in the U.S. and in other countries. Providers can use these evidence-based insights to expand financial inclusion, improve client offerings, and continue to promote financial health.
This booklet contains the following three briefs:
- Count on Commitment: Helping clients stick to their goals and increase their savings balances with commitments;
- The Power of Doing Nothing: How defaults can improve customer savings behavior;
- Top of Mind: Reminders can increase savings deposits at almost no cost to providers.