Financial Services for Real People: Using Behavioral Science to Boost Financial Health in Latin America
Behavioral economics illustrates how we humans often fail to plan beyond the immediate future. Over the past two years, the MetLife Foundation and behavioral economics lab ideas42 have examined the behavioral barriers standing in the way of financial health for low-income people in two pilot markets, Mexico and Chile. The two organizations have designed solutions that facilitate retirement savings, short-term savings and access to credit.
After a decade of significant declines in financial exclusion, these new numbers raise the question of whether the strongest mobile money markets, such as those in East Africa, might be reaching a plateau in financial access.
- Sub-Saharan Africa