marta carnelli, innovations for poverty action, colombia, research symposium, case studies from the...
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Tablet-based financial education, Colombia
Impact evaluation: Midline survey results
Principal Investigators:Orazio Attanasio
Matthew BirdPablo Lavado
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OutlineLISTA Project
Context and motivationAdvantages of the tablet
Evaluating LISTATheory of changeResearch design
Baseline analysisDemographicsSavings and budgetingPreferences
Preliminary midline resultsFinancial literacyFinancial practicesFinancial performance
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Context and motivation 3 of 4 newly banked (375 to 600 million people) have
never received any form of financial training (Deb & Kubzansky 2012)
In-person or classroom-based interventions are difficult to scale at low cost (Cohen & Nelson 2011) and can be ineffective (Fernandes et al. 2014, Drexler et al. 2013)
Alternative solutions include use of new channels, including mobile phones, online courses, DVDs, videos, radio, and television (Lundberg & Mulaj 2014; Berg & Zia 2013; Karlan et al. 2011; Carpena et al. 2011).
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By “Freeing Financial Education” via a tablet application
By “Freeing Financial Education” via a tablet application
How to create a scalable, customizable, efficacious solution?
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Advantages of tablets
Can work in remote areas
Allows people to train
themselves
Simple user design
Can rotate within the communities taking
advantage of local social capital
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Register – Survey – Module Content – Program Information – Practice – Games
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OF CHANGE
INPUTS OUTPUTS IMPACTS
TabletsPrinted materialSMS
Information on CCT
Financial information
How to financially plan How to save Financial products
Acquire practice Using ATMs Using mobile-banking
CCT practices
Financial literacy
Financial practices
Financial performance
Theory of change
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Use LISTA Tablet Financial Capability KitSMS Rules of Thumb
1. Greater financial knowledge2. Higher financial practice
adoption3. Better financial performance
Research hypotheses
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Municipalities
Treatment neighborhoods
Randomization
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TreatmentControl
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Evaluation processTable
t SMS
Data
Col
lect
ion
BASELINE MIDLINEENDLINE
TELEMETRIC
ADMINISTRATIVE
May 2015 October 2015 April 2016
Rand
omiza
tion
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Sample characterizationDemographics
50% Rural91% WomenEducational level:
42% primary 43% secundary education
Household structure: Mean size: 5,2 Mean income contributers:
1,4 14% with nobody working
Relation with financial institutions
74% used an ATM at least once in his life
82% physically withdrawn the CCT
33% believe that cannot leave any money in their CCT account
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Informal savings
82% physically withdrawn the cash transfer
<15 15-30 30.1-75 75.1-150 150.1-260 260.1-300 300.1-600 >600
-10%
0%
10%
20%
30%
40%
50%
60%
PIGGY BANK/HOUSE SAVINGS CHAINPIGGY BANKS AND SAVINGS CHAIN
42% of the sample save
money informally
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Formal savings
82% physically withdrawn the cash transfer
<15 15-30 30.1-75 75.1-150 150.1-260 260.1-300 300.1-600 >6000%
10%
20%
30%
40%
50%
60%
BANK COOPERATIVE SAVINGS GROUP MULTIPLE
18% of the sample have
money saved
formally
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Budgeting practices
82% physically withdrawn the cash transfer
No 17%
Share the responsibility
16%Yes66%
Written22%
Mentally78%
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Today 7 months later
Intertemporal discount Today 1 month later
34$
25$
25$
5%95%
25$
26%
74%
34$
25$
29%
71%
25$25
$ 20%
80%
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Bank account Cash
Liquidity preference
25$
25$
62%
38% 31% of people
prefering cash would switch with 34$
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mitPreliminary midline results
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Preliminary short term findingsIMPACT
• General financial knowledge• Savings knowledge• Budgeting knowledge
• Savings goal• Number of people saving in
a bank• Number of people saving in
a piggy bank
NO IMPACT
• Debts knowledge
• Number of people saving in a cooperative
• Number of people saving in savings group
FINANCIAL LITERACY
SAVINGS
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Preliminary short term findingsIMPACT
• Written budget
• Total amount of money saved• Amount of money saved
formally• Amount of money saved
informally
NO IMPACT
• Responsible person for household account management
FINANCIAL PERFORMANCE
BUDGETING
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ConclusionsPromising preliminary results:
improved savings habitshigher amounts of self-reported formal and informal savings
Final results will be analyzed to assess the impact of LISTA in the medium- and longer-term together with robustness tests of the midline analysis