학회소식
[2020년 제 2차] Fintech Nudges: Overspending Messages and Personal Finance Management
작성자 : 관리자
조회수 : 57
게시일 :
2020-08-24
Using large proprietary money management app data from a major commercial
bank in Canada, I study how the app users manage their personal finance upon seeing
an overspending message on the mobile app. First, I find that the message recipients
reduced spending on the following day by C$8.15, which corresponds to 5.4% of
their daily average spending, compared to the non-recipients. Second, these fintech
nudges had temporary effect on flow spending and resulted in permanent reduction
in cumulative spending. Third, the effects are especially pronounced for the users
who are older, have higher liquid wealth, are more finance-savvy, are new to the app
experience, or reside in a city with a higher fraction of educated population. Fourth,
I find suggestive evidence that these effects could spill over from one app user to another
in the same household. On the other hand, the message recipients were less
likely to monitor their accounts via log-ins afterward, which is selective inattention
known as the ostrich effect.
