|**Table OA2: Knowledge of terms**|||C|edit|||||Sav|ngs|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||Clarity|||APY|||Clarity|||APY||
||Peru<br>|Mexico<br><br>|Pooled<br>|Peru<br>|Mexico<br>|Pooled<br>|Peru<br>|Mexico<br><br>|Pooled<br>|Peru<br>|Mexico<br>|Pooled<br>|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|
|Simplified format (1 = yes)|0.100|0.328***|0.170***|0.158*|0.083|0.132*|0.012|-0.166|-0.056|-0.167|-0.026|-0.096|
||(0.084)|(0.103)|(0.064)|(0.085)|(0.117)|(0.069)|(0.087)|(0.115)|(0.067)|(0.102)|(0.122)|(0.079)|
|Simplified format x Fin Lit|0.169|0.003|0.091|0.061|0.060|0.041|0.016|0.221*|0.109|0.202|-0.040|0.088|
||(0.132)|(0.126)|(0.088)|(0.133)|(0.143)|(0.094)|(0.119)|(0.130)|(0.083)|(0.140)|(0.138)|(0.097)|
|_Peru_<br>Market designed KFS (1 = yes)|0.004|||-0.079|||-0.196**|||-0.125|||
||(0.098)|||(0.098)|||(0.090)|||(0.106)|||
|Market designed KFS x Fin Lit|0.039<br>|||0.157<br>|||0.100<br>|||0.118<br>|||
||(0.136)|||(0.136)|||(0.126)|||(0.148)|||
|_Mexico_|||||||||||||
|Complex Table (5 institutions)||0.178|||0.344***|||-0.232**|||-0.090||
|||(0.110)|||(0.125)|||(0.111)|||(0.118)||
|Simple Table (5 institutions)||0.156|||0.049|||-0.256**|||-0.064||
|||(0.105)|||(0.119)|||(0.122)|||(0.130)||
|Simple Table (10 institutions)||0.314**|||0.047|||-0.195*|||0.078||
|||(0.121)|||(0.138)|||(0.111)|||(0.118)||
|Complex Table (5 institutions) x Fin Lit||0.092|||-0.080<br>|||0.383***|||-0.025||
|||(0.134)|||(0.152)|||(0.130)|||(0.138)||
|Simple Table (5 institutions) x Fin Lit||0.065|||-0.030|||0.176|||-0.098||
|||(0.127)|||(0.144)|||(0.141)|||(0.150)||
|Simple Table (10 institutions) x Fin Lit||-0.184|||0.067|||0.179|||-0.196||
|||(0.139)|||(0.158)|||(0.130)|||(0.138)||
|_Low Profile_|||||||||||||
|<br>Low Profile (1 = yes)|0.037||0.019|0.007||0.022|0.017|0.037|0.054|0.073|0.044|0.029|
||(0.053)||(0.061)|(0.053)||(0.066)|(0.049)|(0.037)|(0.039)|(0.058)|(0.039)|(0.045)|
|_Participant Characteristics_|||||||||||||
|Male (1 = yes)|0.008|0.022|0.012|-0.182***|0.001|-0.108**|-0.002|0.064*|0.026|-0.070|0.087**|-0.008|
||(0.054)|(0.039)|(0.044)|(0.054)|(0.044)|(0.048)|(0.051)|(0.038)|(0.040)|(0.061)|(0.040)|(0.047)|
|Age|-0.018|0.028|0.006|-0.007|-0.016|-0.010|0.002|0.012|0.015|-0.030|0.005|-0.003|
||(0.025)|(0.017)|(0.020)|(0.025)|(0.020)|(0.022)|(0.022)|(0.017)|(0.017)|(0.026)|(0.018)|(0.021)|
|Age Squared (divided by 100)|0.026<br>|-0.000<br>|-0.010<br>|0.008<br>|0.000<br>|0.007<br>|-0.010<br>|-0.000<br>|-0.018<br>|0.034<br>|-0.000<br>|0.004<br>|
||(0.030)|(0.000)|(0.024)|(0.030)|(0.000)|(0.026)|(0.027)|(0.000)|(0.021)|(0.031)|(0.000)|(0.025)|
|Education (Post secundary)|-0.036<br>|0.011<br>|-0.048<br>|0.091<br>|0.046<br>|0.056<br>|0.136***<br>|0.022<br>|0.067<br>|0.193***<br>|0.047<br>|0.102*<br>|
||(0.056)|(0.053)|(0.051)|(0.057)|(0.060)|(0.055)|(0.052)|(0.049)|(0.046)|(0.061)|(0.052)|(0.054)|
|Financial Literac (1 = es)|0031|0082|0053|0053|0084|0083|-0083|-0139|-0089|-0131|0096|-0007|
|y y|.<br>(0.096)|.<br>(0.098)|.<br>(0.067)|.<br>(0.096)|.<br>(0.111)|.<br>(0.073)|.<br>(0.090)|.<br>(0.099)|.<br>(0.063)|.<br>(0.106)|.<br>(0.105)|.<br>(0.074)|
|N|300|478|405|300|478|405|300|593|475|300|593|475|
|R-squared<br>|0.048<br>|0.077<br>|0.068<br>|0.093<br>|0.065<br>|0.061<br>|0.067<br>|0.048<br>|0.021<br>|0.057<br>|0.038<br>|0.033<br>|
|Country FE<br>Mean of Dep. Variable<br>|N<br>0.656|N<br>0.607|Y<br>0.632|N<br>0.622|N<br>0.571|Y<br>0.598|N<br>0.789|N<br>0.739|Y<br>0.761|N<br>0.544|N<br>0.387|Y<br>0.455|
|_Peru_<br>_Simplified - Market designed_<br>|0.249|||0.005|||0.016|||0.676|||
|_Mexico_|||||||||||||
|_Simplified - Tcomplex_||0.128|||0.020|||0.517|||0.558||
|_Simplified - TSimple 5_||0.065|||0.750|||0.430|||0.754||
|<br>_Simplified - TSimple 10_<br>Notes: This table reports the estimation of the f<br>indexes each individual participant and in sessio<br>the APR /APY of the product given in the last<br>profile 1. 2) For Mexico, yijk= αj+ β1_Simplifie_<br>β8_Simple_10jk*_FinLit_ik+ β9_LowProfile_ik+_X_ik'<br>savings sessions and takes the value of 1 if part<br>β3Low_Profile_ik+_X_ik'γ + εijk. In savings session<br>Vector of characteristics_X_ikincludes the follow<br>(_FinLit_ij) that takes value 1 if the individual cor<br>(brochures, amortization tables etc.) collected fr<br>significance * p<0.10 ** p<0.05 *** p<0.01.|ollowing speci<br>n_j_. yijkis the<br>round._Simplif_<br>_d_jk+ β2_Simpli_<br>γ + εijk._Simpl_<br>icipant i in ses<br>s regressions,<br>ing variables:<br>rectly answer<br>om financial i|0.894<br>fications: 1)<br>outcome va<br>_ied_jk, and_M_<br>_fied_jk*_FinL_<br>_ified_jk,_Co_<br>sion k was<br>we assign a<br>male, whet<br>ed the quest<br>nstitutions.|For Peru, y<br>riable that ta<br>_kt_jkdenote<br>_it_ik+ β3_Com_<br>_mplex_jk,_Sim_<br>assigned to P<br>ll individuals<br>her the indivi<br>ion on intere<br>Standard erro|ijk= αj+ β1_Si_<br>kes the value<br>the Simplified<br>_plex_jk+ β4_Si_<br>_ple_5jkand_Si_<br>rofile 1. 3) P<br>in Mexico to<br>dual has a pos<br>st rate. In all s<br>rs are cluster|0.771<br>_mplified_jk+<br>of 1 if partic<br>KFS and th<br>_mple_5jk+ β<br>_mple_10jkde<br>ooling data f<br>profile 1. In<br>t secondary<br>pecification<br>ed at the pa|β2_Simplifie_<br>ipant i repor<br>e Market de<br> 5_Simple_10jk<br>note the diff<br>rom both Pe<br>this specific<br>education,<br>s we use ro<br>rticipant leve|_d_jk*_FinLit_ik <br>ts clear pres<br>signed KFS.<br>+ β6_Compl_<br>erent main tr<br>ru and Mexic<br>ation we inclu<br>age and age<br>und fixed eff<br>l and are rep|0.771<br>+ β3_Mkt_jk+<br>entation of th<br>Low_Profil_<br>_ex_jk*_FinLit_i<br>eatments._Lo_<br>o, yijk= αj<br>de country f<br>squared (divi<br>ects. Control<br>orted in pare|β4_LowProfi_<br>e product or<br>_e_iktakes the<br>k+ β7_Simple_ <br>_wProfile_iki<br>+ β1_Simplifie_<br>ixed effects.<br>ded by 100)<br>treatment in<br>nthesis unde|_le_ik+_X_ik'γ<br>if he/she is<br>value 1 if pa<br>5jk*_FinLit_ik <br>s only used i<br>_d_jk+ β2_Sim_<br>An observa<br>and a proxy<br>cludes prom<br>r coefficient|0.326<br>+ εijk,, whe<br>able to reca<br>rticipant is<br>+<br>n regression<br>_plified_jk*_F_<br>tion is an in<br>for financia<br>otional mate<br>estimates.|re_i_<br>ll correctly<br>assigned to<br>s for<br>_inLit_ik+<br>dividual.<br>l literacy<br>rials<br>Levels of|

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