The Nollywood Nudge : An Entertaining Approach to Saving

This paper investigates the immediate and medium-term behavioral response to an emotional trigger designed to affect biases in intertemporal financial decisions. The emotional trigger is provided by a narrative portraying the catastrophic consequen...

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Main Authors:	Coville, Aidan, Di Maro, Vincenzo, Dunsch, Felipe Alexander, Zottel, Siegfried
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	SAVINGS PLACEBO DESIGN FINANCIAL LITERACY FINANCIAL EDUCATION
Online Access:	http://documents.worldbank.org/curated/en/468251561642192667/The-Nollywood-Nudge-An-Entertaining-Approach-to-Saving http://hdl.handle.net/10986/31986

id	okr-10986-31986
recordtype	oai_dc
spelling	okr-10986-319862022-08-20T12:15:57Z The Nollywood Nudge : An Entertaining Approach to Saving Coville, Aidan Di Maro, Vincenzo Dunsch, Felipe Alexander Zottel, Siegfried SAVINGS PLACEBO DESIGN FINANCIAL LITERACY FINANCIAL EDUCATION This paper investigates the immediate and medium-term behavioral response to an emotional trigger designed to affect biases in intertemporal financial decisions. The emotional trigger is provided by a narrative portraying the catastrophic consequences of poor financial choices. Even when people are fully aware of the most appropriate action to take, cognitive biases may prevent this knowledge from translating into action. The paper contributes to the literature by directly testing the importance of linking emotional stimulus to financial messages, to influence borrowing and saving decisions, and identifying the interaction between emotional stimulus and the opportunity to act on this stimulus. The study randomly assigned individuals to a featured production -- a Nollywood (the Nigerian Hollywood) movie -- on the financial consequences of poor borrowing and saving behavior. This treatment is interacted with the option of opening a savings account at the screening of the movie. At the exit of the screening, individuals in the financial education movie treatment are more likely to open a savings account than individuals in the placebo movie treatment. However, the effects dissipate quickly. When savings and borrowing behavior is measured four months later, the study finds no differences between treatments. The paper concludes that emotional triggers delivered in the context of a one-time feature film might not be enough to secure sustained changes in behavior. 2019-06-27T17:02:10Z 2019-06-27T17:02:10Z 2019-06 Working Paper http://documents.worldbank.org/curated/en/468251561642192667/The-Nollywood-Nudge-An-Entertaining-Approach-to-Saving http://hdl.handle.net/10986/31986 English Policy Research Working Paper;No. 8920 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper Africa Nigeria
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	SAVINGS PLACEBO DESIGN FINANCIAL LITERACY FINANCIAL EDUCATION
spellingShingle	SAVINGS PLACEBO DESIGN FINANCIAL LITERACY FINANCIAL EDUCATION Coville, Aidan Di Maro, Vincenzo Dunsch, Felipe Alexander Zottel, Siegfried The Nollywood Nudge : An Entertaining Approach to Saving
geographic_facet	Africa Nigeria
relation	Policy Research Working Paper;No. 8920
description	This paper investigates the immediate and medium-term behavioral response to an emotional trigger designed to affect biases in intertemporal financial decisions. The emotional trigger is provided by a narrative portraying the catastrophic consequences of poor financial choices. Even when people are fully aware of the most appropriate action to take, cognitive biases may prevent this knowledge from translating into action. The paper contributes to the literature by directly testing the importance of linking emotional stimulus to financial messages, to influence borrowing and saving decisions, and identifying the interaction between emotional stimulus and the opportunity to act on this stimulus. The study randomly assigned individuals to a featured production -- a Nollywood (the Nigerian Hollywood) movie -- on the financial consequences of poor borrowing and saving behavior. This treatment is interacted with the option of opening a savings account at the screening of the movie. At the exit of the screening, individuals in the financial education movie treatment are more likely to open a savings account than individuals in the placebo movie treatment. However, the effects dissipate quickly. When savings and borrowing behavior is measured four months later, the study finds no differences between treatments. The paper concludes that emotional triggers delivered in the context of a one-time feature film might not be enough to secure sustained changes in behavior.
format	Working Paper
author	Coville, Aidan Di Maro, Vincenzo Dunsch, Felipe Alexander Zottel, Siegfried
author_facet	Coville, Aidan Di Maro, Vincenzo Dunsch, Felipe Alexander Zottel, Siegfried
author_sort	Coville, Aidan
title	The Nollywood Nudge : An Entertaining Approach to Saving
title_short	The Nollywood Nudge : An Entertaining Approach to Saving
title_full	The Nollywood Nudge : An Entertaining Approach to Saving
title_fullStr	The Nollywood Nudge : An Entertaining Approach to Saving
title_full_unstemmed	The Nollywood Nudge : An Entertaining Approach to Saving
title_sort	nollywood nudge : an entertaining approach to saving
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/468251561642192667/The-Nollywood-Nudge-An-Entertaining-Approach-to-Saving http://hdl.handle.net/10986/31986
_version_	1764475525127995392

The Nollywood Nudge : An Entertaining Approach to Saving

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