|**Table 3: Product choice**|||Best choice|(1 =yes)|||
|---|---|---|---|---|---|---|
|||Credit|||Savings||
||_Peru_|_Mexico_|_Pooled_|_Peru_|_Mexico_|_Pooled_|
||(1)|(2)|(3)|(4)|(5)|(6)|
|Simplified format (1 = yes)|0.126***|0.251***|0.231***|0.039|-0.012|0.019|
||(0.037)|(0.032)|(0.024)|(0.033)|(0.027)|(0.020)|
|_Peru_|||||||
|Market designed KFS (1 = yes)|-0.043|||0.040|||
||(0.038)|||(0.035)|||
|_Mexico_|||||||
|Complex Table (5 institutions)||0.224***|||0.071***||
|||(0.030)|||(0.026)||
|Simple Table (5 institutions)||0.293***|||0.177***||
|||(0.029)|||(0.026)||
|Simple Table (10 institutions)||0.020|||0.117***||
|||(0.033)|||(0.027)||
|Amount in pesos||0.080***|||0.041**||
|||(0.022)|||(0.019)||
|Live call||-0.036|||-0.011||
|||(0.029)|||(0.027)||
|SMS||0.002|||-0.022||
|||(0.026)|||(0.026)||
|Glossary||-0.003|||-0.041*||
|||(0.021)|||(0.022)||
|_Low Profile_|||||||
|Low Profile (1 = yes)|0.019||-0.009|0.001|-0.028|-0.014|
||(0.039)||(0.044)|(0.034)|(0.022)|(0.024)|
|_Participant Characteristics_|||||||
|Male (1 = yes)|0.009|-0.014|-0.002|0.008|0.057***|0.050**|
||(0.040)|(0.021)|(0.026)|(0.035)|(0.022)|(0.025)|
|Age|-0.014|-0.006|-0.001|0.002|0.005|0.001|
||(0.018)|(0.009)|(0.012)|(0.015)|(0.010)|(0.011)|
|Age Squared (divided by 100)|0.015|0.008|0.000|-0.005|-0.008|-0.002|
||(0.021)|(0.012)|(0.014)|(0.018)|(0.013)|(0.013)|
|Education (Post secundary)|0.028|0.043|0.025|-0.037|0.144***|0.033|
||(0.041)|(0.026)|(0.031)|(0.036)|(0.030)|(0.030)|
|Financial Literacy (1 = yes)|-0.012|0.102***|0.066**|0.046|0.088***|0.050**|
||(0.042)|(0.022)|(0.027)|(0.035)|(0.023)|(0.026)|
|N|900|2,390|1,558|900|2,965|1,788|
|R-squared|0.035|0.088|0.068|0.015|0.050|0.015|
|Round FE|Y|Y|Y|Y|Y|Y|
|Country FE|N|N|Y|N|N|Y|
|Control Mean|0.477|0.386|0.421|0.273|0.342|0.319|
|_P-values of difference in means_|||||||
|<br>_Peru_|||||||
|_Simplified - Market designed_|0.000|||0.979|||
|_Mexico_|||||||
|_Simplified - TComplex_||0.374|||0.003||
|_Simplified - TSimple 5_||0.165|||0.000||
|<br>_Simplified - TSimple 10_||0.000|||0.000||
|_TComplex - TSimple 5_||0.019|||0.000||
|_TSimple 5 - TSimple 10_||0.000|||0.0261||

Notes: This table reports the estimation of the following specifications: 1) For Peru, BestChoiceijk = αj + β1 _Simplified_ jk + β2 _Mkt_ jk + β3 _LowProfile_ ik + _X_ ik'γ+ εijk. _Simplified jk_ and _Mkt_ jk denote the different disclosure formats. _LowProfile_ ik takes the value of 1 if participant i in session k is assigned to Profile 1. 2) In columns 2 and 5, for Mexico, BestChoice ijk = αj + β1 _Simplified_ jk + β2 _Complex_ jk + β3 _Simple_ 5jk + β4 _Simple_ 10jk + β5 _AmountPesos_ ijk + β6 _Glossary_ ik +β7 _LiveCall_ ik +β8 _SMS_ ik + β9 _LowProfile_ ik + _X_ ik'γ + εij. _Simplified_ jk, _Complex_ 5jk, _Simple_ 5jk and _Simple_ 10jk denote the different disclosure formats. _AmountPesos_ ijk is a dummy variable that takes the value 1 if participant i in round j of session k saw the total amount to be paid (credit product) or earned (savings product) displayed in pesos and 0 if in percentages. _Glossary_ ik is a dummy indicating if participant was provided with a glossary of terms during session k and 0 otherwise. _LiveCall_ ik / _SMS_ ik take the value of 1 if the participant i received a call/SMS prior to session k and 0 otherwise. _LowProfile_ ik is only used in regressions for savings sessions and takes the value of 1 if participant i in session k is assigned to Profile 1. 3) Pooling data from both Peru and Mexico, BestChoice ijk = αj + β1 _Simplified_ jk + β2 _LowProfile_ ik + _X_ ik'γ+ εijk. In this specification we include country fixed effects. In all specifications, BestChoiceijk takes the value of 1 if participant i in round j and session k has chosen the best product and 0 otherwise. Vector of characteristics _X_ ik includes the following variables: male, whether the individual has a post secondary education, age and age squared (divided by 100) and a proxy for financial literacy that takes value 1 if the individual correctly answered the question on interest rate. In all specifications we use round fixed effects. Control treatment includes promotional materials (brochures, amortization tables etc.) collected from financial institutions. Standard errors are clustered at the participant level and are reported in parenthesis under coefficient estimates. Levels of significance * p<0.10 ** p<0.05 *** p<0.01.