Partner agencies:
Department of the Treasury
A financial institution
Registration date:
Wednesday, 19 July 2017
Many behavioural biases can cause people to make sub-optimal financial decisions and in the case of credit cards, lead to consumers carrying higher debt than intended. Reflecting this, the Government has proposed a number of reforms for consumer testing, including improved electronic notifications regarding credit use and proactively contacting consumers making small repayments.
This trial will test the impact that timely reminders have on credit card repayment behaviour. More specifically, it will provide evidence of the impact of framing of language and motivational messages that capitalise on behavioural economics principles.