Mexico | Do SMS Nudges Promote Financial Health?

We presented the results of a Randomized Control Test (RCT) to people who received nudges through SMS in order to promote financial health variables. The target population was about 95,000 people in two age groups: 27 to 38 and 39 to 56 years old.

Key points

• Key points:
• Each stratum was randomly subdivided into a control group and three treatment groups, which received different messages according to the cognitive bias that was sought to be activated: Availability Heuristics, Loss Aversion or Social Norm.
• No effects were found of the nudges on improving the financial classification of the client's profile, and no behavioral changes were found in increasing the average monthly balance or decreasing cash withdrawals from ATMs.
• In all six treatment groups, sustained effects were found in increasing the use of the mobile banking application, from 6.3% to 14.4% throughout the eight months that were continuously evaluated, of which in the last three months already SMS were not sent.
• Messages inspired by Loss Aversion had a greater effect on the population between 27 and 38 years old, while Social Norm messages generated greater impacts on the group between 39 and 56 years old.
• In addition, transient impacts were found in some months in increased savings through the mobile banking app's Apartados functionality for the 27-38 year old Loss Aversion treatment group.

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