Goal Setting and Saving in the FinTech Era

• 成果类型: Article
• 署名作者: Gargano, Antonio; Rossi, Alberto G.
• 署名单位: University of Houston System; University of Houston; Georgetown University; University of Houston System; University of Houston
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13339
• 发表日期: 2024
• 页码: 1931-1976
• 关键词: difference-in-differences; financial literacy; money; ECONOMICS; education

摘要

We study the effectiveness of saving goals in increasing individuals' savings using data from a Fintech app. Using a difference-in-differences identification strategy that randomly assigns users into a group of beta testers who can set goals and a group of users who cannot, we find that setting goals increases individuals' savings rate. The increased savings within the app do not reduce savings outside the app. Moreover, goal setting helps those individuals previously identified as having the lowest propensity to save. Matching App user survey responses to their behavior highlights the relative merits of monitoring and concreteness channels in explaining our findings.