Digital Financial Education and Consumer Credit Behaviour: Evidence from a Multi-Arm Randomized Controlled Trial

Last registered on April 01, 2026
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Pre-Trial

Trial Information

General Information

Title
Digital Financial Education and Consumer Credit Behaviour: Evidence from a Multi-Arm Randomized Controlled Trial
RCT ID
AEARCTR-0018100
Initial registration date
March 26, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
April 01, 2026, 9:52 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Amalia Di Girolamo
Affiliation
University of Birmingham
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Other Primary Investigator(s)

PI Name
Adele Atkinson
PI Affiliation
University of Birmingham
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Additional Trial Information

Status
On going
Start date
2026-03-08
End date
2026-12-31
Keywords
Behavior, Education, Finance & Microfinance
Additional Keywords
Financial education, Financial capability, Financial Literacy, Credit scores, Access to credit, Financial wellbeing, Financial resilience, Randomized controlled trial, Behavioural finance, FinTech, Digital Intervention.
JEL code(s)
G53, D14, G51, C93
Secondary IDs
G51, D91
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Financial education is widely promoted as a tool to improve household financial outcomes, yet rigorous evidence on whether it translates into measurable improvements in credit behaviour remains limited — particularly for financially vulnerable populations and digital delivery channels. This study evaluates the causal impact of targeted financial education on credit outcomes, financial literacy, and financial wellbeing among users of a financial technology platform. The intervention is implemented as a randomized controlled trial in which eligible FinTech app users are invited to participate. Baseline data on financial capability, financial wellbeing, and socio-demographic characteristics are collected through a survey and combined with administrative credit records.

Approximately 8,000 participants are randomly assigned to one of four groups: three treatment groups receiving financial education through different digital delivery channels (in-app video learning, in-app chat, or virtual workshops) and a control group with standard app access only. Stratified block randomization based on gender, age, education, and baseline credit score ensures balance across experimental arms.

The primary outcomes are changes in credit score and access to affordable credit. Secondary outcomes include: financial literacy, financial wellbeing and financial resilience. These outcomes are measured using administrative credit data and follow-up surveys conducted approximately three months after the intervention. The analysis estimates intent-to-treat and treatment-on-the-treated effects, and enables comparison of the relative effectiveness of alternative delivery channels.

External Link(s)

Registration Citation

Citation
Atkinson, Adele and Amalia Di Girolamo. 2026. "Digital Financial Education and Consumer Credit Behaviour: Evidence from a Multi-Arm Randomized Controlled Trial." AEA RCT Registry. April 01. https://doi.org/10.1257/rct.18100-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
The intervention consists of targeted financial education delivered through a UK-based consumer credit score application to users. Participants assigned to the treatment arms receive standardized educational content covering credit management, budgeting, and financial wellbeing, developed by a national financial education charity.
The content is delivered through one of three channels: (i) short, on-demand video modules embedded within the application; (ii) a structured in-app chat interface providing guided responses on the same topics; or (iii) a live, one-hour virtual webinar led by a trained facilitator with opportunities for interaction. The three delivery channels are designed to provide comparable content and require similar time commitments.
Participants in the control group retain standard access to the application and do not receive additional educational content.
Intervention Start Date
2026-04-10
Intervention End Date
2026-07-31

Primary Outcomes

Primary Outcomes (end points)
• Individual Credit Score
• Access to credit
Primary Outcomes (explanation)
• Credit score: measured at baseline and at endline (3 months post-intervention). Change in credit score from baseline is the primary outcome.
• Access to credit: derived from available credit records. Change from baseline is the primary outcome.

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes
• Financial Literacy
• Financial wellbeing
• Financial resilience
• Intervention engagement: channel assigned, time spent on video/chat, number of visits, onward navigation behaviour.
• Self-reported actions taken to improve credit score.
• Demand for credit
Secondary Outcomes (explanation)

• Financial Literacy: Measured at baseline and endline using a survey-based knowledge scale.
• Financial wellbeing: Measured at baseline and endline using a validated financial wellbeing scale administered in the survey.
• Financial resilience: Measured at baseline and endline using a short survey scale focused on the ability to meet unexpected expenses and financial stress indicators.
• Intervention engagement: channel assigned, time spent on video/chat, number of visits, onward navigation behaviour.
• Self-reported actions taken to improve credit score (baseline and follow-up).
• Demand for credit: Binary indicator of whether the participant applied for any form of credit in the three months post-intervention, measured via follow-up survey items and supplemented by administrative credit records where available. The direction of the effect is an empirical question

Experimental Design

Experimental Design
This study is a four-arm randomized controlled trial conducted with users of a UK-based consumer credit score application. The objective is to evaluate the causal impact of targeted financial education on credit outcomes, financial literacy, and financial wellbeing among users experiencing short-term financial difficulty.

Participants are recruited through an in-app invitation. Those who consent are included in the study and complete a baseline survey capturing financial capability, wellbeing, and socio-demographic characteristics.

Participants are randomly assigned in equal proportions to one of four groups using stratified block randomization based on gender, age, education, and baseline credit score. The groups are: (i) a control group with standard app access; (ii) financial education delivered via in-app videos; (iii) financial education delivered via a structured in-app chat interface; and (iv) financial education delivered through a live virtual workshop.

The educational content is standardized across treatment arms and covers credit management, budgeting, and financial wellbeing. Delivery channels are designed to provide comparable content and time commitment.

Participants complete a follow-up survey approximately three months after the intervention. Outcomes are measured using survey data and administrative credit records. Engagement with the intervention is tracked to define compliance for secondary analyses.
Experimental Design Details
Not available
Randomization Method
randomization done in office by a computer.
Randomization Unit
Individual app users.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
0
Sample size: planned number of observations
8000 app users
Sample size (or number of clusters) by treatment arms
2000 individuals
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Humanities and Social Sciences Committee, University of Birmingham
IRB Approval Date
2025-10-01
IRB Approval Number
ERN_4632-Sep2025
Analysis Plan