Study • Finance · Savings
Stimulating interest: Reminding savers to act when rates decrease
Summary by BHUB
The FCA used a randomized evaluation to test the effect of the reminders in motivating consumers to switch their savings account. The study found that reminders increased the percentage of customers taking some action following the rate decrease, whether switching their account internally, or closing the account and moving to another institution, by between 5.4 and 7.9 percentage points.
Tactics used
TACTICS
Framing Effects
TACTICS
Reminders
TACTICS
Cues
TACTICS
& Triggers
Behaviors addressed
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