Help women save through goal setting and commitment devices

Help women identify savings goals and have them commit to save a specified amount during the process of opening a savings account. Setting goals and committing to save for that goal or specific amount helps to making saving more tangible and counters present bias.

Behavioral Tools: Commitment, Goal Setting

Benchmarked Intervention

Experiment Overview

In the Philippines, researchers provided clients with a commitment savings product that prevented them from accessing their funds until they reached a specific amount or time period goal to increase account balances.

Impact

Source: Ashraf,N. Karlan, D. & Yin, W. “Tying Odysseus to the Mast: Evidence From a Commitment Savings Product in the Philippines”. The Quarterly Journal of Economics, Oxford University Press, 2006, 121(2), 635-672.