Usually when you read the words “texting” and “money” in a headline, it’s a sad story about a teenager who nearly bankrupted her family by sending 10,000 plus text messages.
But a new study shows that a different kind of texting may actually be the answer to saving big.
Economists recently conducted a study in several countries and found that people significantly increased their savings account balances when banks sent out reminders via text message.
The Wall Street Journal reports that researchers teamed up with local banks in the Philippines, Peru and Bolivia “to send reminders to people randomly selected from those who had recently opened a savings account. The result was that people who received texts increased their savings by about 6%.
“The study challenges the idea that people don't have enough self-control to save. Instead, the problem may be that they just aren't paying attention,” one of the study’s authors told The Wall Street Journal.
However, if you read some of the texts sent out during the study, you’d be liable to save more, too. One message in the Philippines read, "If you don't frequently deposit into the Gihandom Savings account, your dream will not come true.”
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