Piggymojo Program EvaluationResearch 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.
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.
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: Emergency Savings and Liquid Resources for Low-Income Consumers
MAGIC Mogo: Leveraging Impulsivity to Encourage Saving
Center’s Piggymojo research examines impulse savings strategy