We study whether savings nudges have the unintended consequence of additional borrowing in high-interest credit. We use … data from a pre-registered experiment that encouraged 3.1 million bank customers to save via SMS messages and train a …

wealth shocks and unemployment fears. Our short-term forecast calls for somewhat weaker spending, and somewhat higher saving … saving rate will eventually approach the levels that preceded period of financial liberalization that began in the late 1970s …. -- Consumption/Saving Forecast ; Credit Crunch ; Financial Crisis …