bank account. Using administrative account data and household surveys, we find that beneficiaries accumulate a savings … stock equal to 2 percent of annual income after two years with the card. The increase in formal savings represents an … increase in overall savings, financed by a reduction in current consumption. There are two mechanisms: first, debit cards …

already received transfers directly deposited into a savings account. Using administrative account data and household surveys … number of checks decreases over time as their reported trust in the bank and savings increase. Their overall savings rate … increases by 3-4 percent of household income …