The Financial Health Leaders Lab conducted a study in partnership with SaverLife to examine the impact of SaverLife’s savings competition with prize-linked savings, motivational text messaging, and peer comparisons. Highlights of the findings included:
- The savings competition increased the number of people who saved during the competition by 6% and increased average savings deposits by 31%, or $451, over six months.
- Motivational text messages that used an empowering tone increased savings deposits by 53% and increased savings balances by an additional $950 over six months, or a 7.7 times greater increase.
- Providing peer comparison information did not influence savings behavior during the time period of this study, but could create a positive impact over a longer timeframe.