Chair of Development Economics / Centre for Modern Indian Studies (CeMIS)

Prof. Vollmer was invited by SynTalk (Mumbai, India) as a SynTalkr for #TPPP (The Public Private Puzzles, February 23, 2019).

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How psychosocial interventions can help with money management

BlogVoxDev Financial literacy is known to be one of the biggest constraints to people in poverty handling their budgets. A new study with the involvement of Janina Steinert and Prof. Sebastian Vollmer reveals that psychosocial factors matter more in this regard than previous research had shown. In an RCT, they tested a combined financial literacy and parenting programme for families in South Africa. Findings indicate that the combination of financial and psychosocial components resulted in higher saving and an improved general economic wellbeing. Participants of the treatment group reported feeling more confident, empowered, and optimistic which may have helped them overcome some behavioural constraints and to save more. The findings of the study may assist in designing future poverty alleviation programmes with integrated psychosocial trainings. We are glad that Janina Steinert will join our research group from October 1st onwards. [Journal of Development Economics Article] [VoxDev Column]