Behavioral Design for Financial Health
Who are we? We aim to measurably impact the financial well-being of low- to moderate-income households in the United States. Decreasing Decreasing Debt Increasing Increasing Improving cash flow expenses short-term savings long-term savings management 1
How do we do it? Research Partnerships Products Create interventions Create consumer-facing Disseminate research with partners products from the ground up broadly to industry and thought leaders 2
Who do we work with? On the financial side, we work with fintech companies, non-profits , credit unions , and other direct financial service providers. 3
Just knowing information Just knowing information DOES NOT DOES NOT lead to behavior change lead to behavior change
Common Cents & Automated savings tool Digit figures out a user’s spending patterns and withdraws a few dollars when the user can afford it SMS based interaction 5
Tax time savings example Sent AFTER Sent BEFORE tax refund was tax refund was received received Hi [first name] — Hi [first name] — you might get a you got a federal federal tax refund tax refund this this year! � year! � If you do get one, what percent (%) What percent (%) would you like to would you like to save? save? [$$ automatically withdrawn when refund hit] 6
58% higher saving rates with pre-commitment 27% Impact = $1M in savings 19% 15% POST
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