proj_PiggyMojo

Piggymojo Program Evaluation

Research funded by Center for Financial Services Innovation

Center researchers study whether “impulse savings” – transferring money from a transaction account to a savings account via text message – is an effective way for under-banked people to build goal-oriented savings.

Project Overview

Experts at the UNC Center for Community Capital are conducting research to determine whether “impulse savings” – transferring money from a transaction account to a savings account via text message – is an effective way for underbanked people to build savings.

Researchers will examine the experience of people who use MAGIC Mojo, a project of Piggymojo, a pioneer in impulse savings, and Magic Johnson’s MAGIC.

MAGIC Mojo links a savings account to a MAGIC prepaid card and allows cardholders to make deposits through text messaging. Center researchers will examine who uses impulse savings, how long they use it and how much they save.

The research is funded by the Center for Financial Services Innovation (CFSI) as part of a $1.5 million grant from its Financial Capability Innovation Fund to five cutting-edge, nonprofit-led projects designed to help low-income, underserved consumers better manage their finances. The Financial Capability Innovation Fund receives support comes from a collaborative of funders led by Citi Foundation with Bank of America, Capital One, Morgan Stanley, Experian, U.S. Bank and Visa Inc.

 


A Fragile Balance book cover
Book Chapter | March 17, 2015
A Fragile Balance: Emergency Savings and Liquid Resources for Low-Income Consumers

The UNC Center for Community Capital conducts research and policy analysis on ways to make financial services work better for more people and communities.

 

© 2017 UNC Center for Community Capital
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