Can prize-linked savings gamify savings and build stronger habits?
In Kenya, 27.5% of low income households own an account but only 9.9% save with a financial institution1 . Though saving is one of the most important avenues toward economic development, there are numerous obstacles that prevent poor households from accruing savings to their advantage. Knowledge gaps, mistrust of financial institutions and behavioral biases contribute to preventing the poor from saving as much as they would like. Product designs that target behavioral barriers have been shown to be extremely cost effective, especially compared to direct subsidies.