Tablet-based financial education, Colombia Impact evaluation: short-term results #18MCSummit This is an IPA project funded by the Citi IPA Financial Capability Research Fund supported by the Citi Foundation. 3/28/2016 1
Context and motivation 3 of 4 newly banked have not received any form of financial training (Deb & Kubzansky 2012) In-person or classroom-based interventions are difficult to scale and can be ineffective, particularly for adults (Miller et al 2015, Fernandes et al. 2014, Xu and Zia 2014) Looking for alternative scalable solutions targeting simplification new channels | eg. mobile phones, online courses, DVDs, videos, #18MCSummit radio, and television ( Lundberg & Mulaj 2014; Berg & Zia 2013; Karlan et al. 2011; Carpena et al. 2011). 3/28/2016 2
Tablet-based Financial Education LISTA Project By “Freeing Financial Education” via a tablet application #18MCSummit 3/28/2016 3/28/2016 3 3
Advantages of tablets Can work in Allows people to Simple user remote areas train themselves design Can rotate within the communities taking advantage of local social capital #18MCSummit 3/28/2016 3/28/2016 4 4
#18MCSummit Register – Survey – Module Content – Program Information – Practice – Games 3/28/2016 5
Target Population CCT Beneficiaries 50% Rural 91% Women Low education levels #18MCSummit 3/28/2016 6
Informal savings 60% 50% 42% of the sample save 40% money 82% physically withdrawn the cash informally 30% transfer 20% 10% #18MCSummit 0% USD <15 15-30 30.1-75 75.1-150 150.1-260 260.1-300 300.1-600 >600 PIGGY BANK/HOUSE SAVINGS CHAIN PIGGY BANKS AND SAVINGS CHAIN 3/28/2016 3/28/2016 7 7
60% Formal savings 50% 18% saved in 40% a formal or 82% physically withdrawn the cash semi-formal 30% transfer 20% 10% #18MCSummit 0% USD <15 15-30 30.1-75 75.1-150 150.1-260 260.1-300 300.1-600 >600 BANK COOPERATIVE SAVINGS GROUP MULTIPLE 3/28/2016 3/28/2016 8 8
Budgeting practices Who is responsible for household finances? The household Other Adult budget is: 17% 82% physically withdrawn the cash transfer Written Share the 22% responsibility CCT Beneficiary 16% 67% Not written 78% #18MCSummit 3/28/2016 3/28/2016 9 9
Cash vs. Bank Savings Preferences Bank account Cash 25$ 25$ 62% 38% #18MCSummit 31% of people prefering cash would switch with 34$ 3/28/2016 10
Evaluating LISTA Research by: Orazio Attanasio (University College London) #18MCSummit Matthew Bird (Universidad del Pacifico) Pablo Lavado (Universidad del Pacifico) Funded by the Citi IPA Financial Capability Research Fund supported by the Citi Foundation. 3/28/2016 11
Inputs Use LISTA Tablet Financial Capability Kit SMS Rules of Thumb + + 1. Greater financial knowledge #18MCSummit 2. Higher financial practice adoption 3. Better financial performance 3/28/2016 3/28/2016 12 12
Study Design Randomized Controlled Trial Treatment neighborhoods Municipalities #18MCSummit 3/28/2016 3/28/2016 13 13
#18MCSummit Treatment Control 3/28/2016 14
Study Design We are here! Timeline May 2015 October 2015 April 2016 Data Collection BASELINE SHORT-TERM FOLLOW-UP ENDLINE TELEMETRIC #18MCSummit BANK DATA ON BALANCES AND TRANSACTIONS 3/28/2016 3/28/2016 15 15
Preliminary short-term #18MCSummit impact 3/28/2016 16
Preliminary findings Promising short-term impacts in: Financial Literacy No Change in Household Financial Management Responsibilities Budgeting Consistent with other short-term results from Savings financial education • Goals #18MCSummit • Formal • Informal 3/28/2016 17
Thanks! Promising results! Cautionary notes: - Short-term data (immediately after the intervention) - Self-reported information - Not yet evidence of behavior change We are working on a follow-up (6 months later) combining survey and administrative data on account ownership and balances. #18MCSummit Marta Carnelli mcarnelli@poverty-action.org 3/28/2016 3/28/2016 18 18
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