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Saving for Multiple Financial Needs: Evidence from Lockboxes and Mobile Money in Malawi

Author

Listed:
  • Shilpa Aggarwal

    (Indian School of Business)

  • Valentina Brailovskaya

    (IDinsight)

  • Jonathan Robinson

    (University of California, Santa Cruz and NBER)

Abstract

We test whether the provision of multiple labeled savings accounts affects savings and downstream outcomes in an experiment with 761 microentrepreneurs in urban Malawi. Treatment respondents received one or multiple savings accounts, in the form of lockboxes or mobile money. We find that while providing additional boxes increased savings by 40%, technical issues marred the efficacy of a second mobile money account. Data from novel high-frequency surveys suggest that both types of accounts had impacts on downstream outcomes, including farming decisions and credit extended to customers. We do not detect differential downstream effects by the number or modality of accounts.

Suggested Citation

  • Shilpa Aggarwal & Valentina Brailovskaya & Jonathan Robinson, 2023. "Saving for Multiple Financial Needs: Evidence from Lockboxes and Mobile Money in Malawi," The Review of Economics and Statistics, MIT Press, vol. 105(4), pages 833-851, July.
    • Handle: RePEc:tpr:restat:v:105:y:2023:i:4:p:833-851
    DOI: 10.1162/rest_a_01086
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    Cited by:

    1. Annkathrin Wahbi & Oliver Musshoff, 2024. "Unlocking rural resilience: Exploring innovative digital saving solutions for farming households in Mali," Journal of Agricultural Economics, Wiley Blackwell, vol. 75(3), pages 931-954, September.
    2. Gill-Wiehl, Annelise & Hubbard, Alan & Katikiro, Robert & Kammen, Daniel M. & Ray, Isha, 2025. "Experimental and ethnographic evidence on household-based lockboxes and savings nudges from rural Tanzania," World Development Perspectives, Elsevier, vol. 39(C).
    3. Steinert, Janina Isabel & Vasumati Satish, Rucha & Stips, Felix & Vollmer, Sebastian, 2022. "Commitment or concealment? Impacts and use of a portable saving device: Evidence from a field experiment in urban India," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 367-398.
    4. Wicker, Till & Dalton, Patricio & van Soest, Daan, 2025. "Mental Accounting and Cash Transfers : Experimental Evidence from a Humanitarian Setting," Other publications TiSEM a92dc757-d6b5-4802-8639-c, Tilburg University, School of Economics and Management.
    5. Jacob Moscona & Nathan Nunn & James A. Robinson, 2026. "Searching for Fish in Trees (緣木求魚)? Economic Development when Context Matters," Working Papers 2026-27, Becker Friedman Institute for Research In Economics.
    6. Karlan, Dean & Horn, Samantha & Jamison, Julian C. & Zinman, Jonathan, 2020. "Does lasting behavior change require knowledge change? Evidence from savings interventions for young adults," CEPR Discussion Papers 15392, Centre for Economic Policy Research.
    7. Tara Bedi & Anu Jose & Michael King, 2023. "Mental Accounting, Spousal Control and Intra-Household Communication: Evidence from an Experiment in India," Trinity Economics Papers TEP1323, Trinity College Dublin, Department of Economics.
    8. Ghosh, Saibal, 2021. "How important is trust in driving financial inclusion?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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