Quotation Bu, Di, Hanspal, Tobin, Liao, Yin, Liu, Yong. 2019. Financial Literacy and Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing.


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Abstract

We report the results of a longitudinal intervention with students across five universities in China designed to reduce online consumer debt. Our research design allocates individuals to either a financial literacy treatment, a self-control training program, or a zero-touch control group. Financial education interventions improve test scores on general financial literacy but only marginally affect future online borrowing. Our self-control treatment features detailed tracking of spending and borrowing activity with a third-party app and introspection about individuals' consumption with a counselor. These sessions reduce future online borrowing, delinquency charges, and borrowing for entertainment reasons - and are driven by the male subjects in the sample. Our results suggest that self-regulation can affect financial behavior in e-commerce platforms.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Working/discussion paper, preprint
Language English
Title Financial Literacy and Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing
Year 2019
URL https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3469571
JEL G51, G53, D14, D18, G23, G21

Associations

People
Hanspal, Tobin (Details)
External
Bu, Di (Macquarie University, Australia)
Liao, Yin (Macquarie University, Australia)
Liu, Yong (Wuhan University of Science and Technology, China)
Organization
Institute for Finance, Banking and Insurance IN (Details)
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