dc.contributor.author | Theodos, B | |
dc.contributor.author | Stacy, CP | |
dc.contributor.author | Hanson, D | |
dc.contributor.author | Jamison, J | |
dc.contributor.author | Daniels, R | |
dc.date.accessioned | 2020-06-24T08:31:04Z | |
dc.date.issued | 2020-03-24 | |
dc.description.abstract | We perform the first rigorous test of a rules of thumb-based approach to financial education on consumer behavior and outcomes. We test two rules of thumb that are targeted at reducing credit card revolving and deliver them in a randomized fashion via e-mail, online banner, and physical mailer. Using monthly administrative data and pre and postintervention credit data on almost 14,000 consumers, we find that the “Do not swipe the small stuff” rule of thumb reduces participants' targeted credit card balance by an average of 2% at a cost of around $0.50 per person. The “Credit keeps charging” rule shows a decline as well but the impact is not significant. | en_GB |
dc.description.sponsorship | Consumer Financial Protection Bureau | en_GB |
dc.description.sponsorship | Doorways to Dreams Fund | en_GB |
dc.identifier.citation | Vol. 54, No. 2, pp. 701-722 | en_GB |
dc.identifier.doi | 10.1111/joca.12298 | |
dc.identifier.grantnumber | CFP‐12‐Z‐00006 | en_GB |
dc.identifier.uri | http://hdl.handle.net/10871/121627 | |
dc.language.iso | en | en_GB |
dc.publisher | Wiley | en_GB |
dc.rights.embargoreason | Under embargo until 24 March 2021 in compliance with publisher policy | en_GB |
dc.rights | Copyright 2020 by The American Council on Consumer Interests | en_GB |
dc.subject | financial education | en_GB |
dc.subject | randomized controlled trial | en_GB |
dc.subject | rules of thumb | en_GB |
dc.title | Do not swipe the small stuff: A randomized evaluation of rules of thumb-based financial education | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2020-06-24T08:31:04Z | |
dc.identifier.issn | 0022-0078 | |
dc.description | This is the author accepted manuscript. | en_GB |
dc.identifier.eissn | 1745-6606 | |
dc.identifier.journal | Journal of Consumer Affairs | en_GB |
dc.rights.uri | http://www.rioxx.net/licenses/all-rights-reserved | en_GB |
dcterms.dateAccepted | 2020-01-04 | |
rioxxterms.version | AM | en_GB |
rioxxterms.licenseref.startdate | 2020-01-04 | |
rioxxterms.type | Journal Article/Review | en_GB |
refterms.dateFCD | 2020-06-24T08:24:33Z | |
refterms.versionFCD | AM | |
refterms.dateFOA | 2021-03-24T00:00:00Z | |
refterms.panel | C | en_GB |