Text Messages Can Make You Save More Money

Could a text message make you save more?

A new study says yes.

American researchers conducting a study overseas teamed up with banks to send text messages to consumers to remind them to save. There was a 16% increase in savings account balances by the cohort that got messages pointing out how the bank offered specific incentives for consistent deposits.

However, the messages that pointed out the bad things that could happen if you don’t save money did not affect the amount of money saved.

This could be a good strategy for US banks looking to shore up deposits (provided the service was opt-in, of course). Another idea is that you could program some self-help messages, personal finance or otherwise, into some kind of automated online text message service to help you reach your goals. I would probably use the calendar function on my phone because it pushes meeting reminders to the front of my phone.

What messages would you send yourself? What service would you use to do it?

Text Messages: Bad 4 Grmr, Good for Savings [WSJ via Consumer Reports Money Blog] (Photo: sfxeric)