Can Nollywood change financial behavior? An impact evaluation of the Nigerian movie: The Story of Gold

Transcription

1 Can Nollywood change financial behavior? An impact evaluation of the Nigerian movie: The Story of Gold Presenters: Nneka Eneli, Project Manager, Credit Awareness Aidan Coville, Development Impact Evaluation Initiative, World Bank Broader Team: Vincenzo Di Maro, Felipe Dunsch, Siegfried Zottel, Ladi Smith, Segun Adebamiji, Edwin Daniels, Billy Jack, Florentina Mulaj Russia/World Bank/OECD Financial Literacy and Education Trust Fund Nairobi, Jan 30-31, 2013

2 From human behavior to human action Axioms of behavior: Present bias Inertia Choice aversion Herd behavior INFORMATION Savings Rates How do we develop interventions that ACCOUNT for human behavior to change action (rather than change human behavior)?

3 Research question Can financial literacy messages incorporated into movies motivate short-term action? Does this lead to improved financial behavior in the medium (and longer) term?

4 Overview Background/motivation Intervention Design results

5 Financial Access in Nigeria 46% 30% Banked Formal Other Informal Only Excluded 6% 18% Source: EFInA survey, 2010

6 Financial Access in Africa 50% 45% 46% 40% 35% 33% 33% 30% 25% 26% 20% 15% 10% 5% 0% Nigeria Kenya Botswana South Africa Source: EFInA survey, 2010

7 Source of loans 71% 24% 19% From family/friend From informal institutions From a formal institution Source: EFInA survey, 2010

8 Nollywood in Numbers The second largest film industry in the world (by number of films) > 1500 per year Average film: Number of Movies made per year Number of viewers Demographic of viewers Shot in 1 2 weeks $ $ to produce a movie Distributed by DVD/VCD and sold for $ sold (countless others pirated)

9 Evidence of impact Exposure to a soap opera in India of empowered women led to increased female autonomy and reduced fertility rates (Jensen and Oster, 2009) Exposure to new ideas and contexts can change people s frame of what is acceptable Other examples of change (eg. Brazil) But what about financial education?

10 Intervention The Strategy The presentation of a one-hour docudrama titled the Story of Gold ; as a financial literacy tool. This is in association with selected MFBs. The Goal To educate people on the benefits of a good savings culture The Target 7.5% 9% 16% 67.5 %

11 SAFE SAVINGS AND RESPONSIBLE BORROWING

12 Intervention The Story of Gold A Nigerian drama featuring a set of twins Aduke and Adunni faced with the challenges of living in impoverished conditions with meager sources of income. Aduke, under desperate circumstances, got to learn about the benefits of a responsible savings culture through the help of a mentor. Adunni on the other hand, squandered every penny that crossed her path.

13 Intervention ADD VIDEO CLIP

14 Intervention The Event Welcome address Show the docudrama Question and answer session MFB Presentation Filling of questionnaire Entertainment Sign up of interested participants by MFBs At the welcoming of participants Participants watching The Story of Gold Question and answer session with the major characters of The Story of Gold

15 Intervention The Event Participants filling the questionnaire At the premiere of The Story of Gold Presentation of the star prize after the event Presentation of gifts to the raffle draw winners

16 Comparison groups Movie Placebo Movie+MFB MFB + Placebo Pure control

17 Data collection

18 Invitation

19 Participation Mode Invited Attended Take up Movie % Movie + MFB % Control % MFB %

20 Perception of MFBs 100% 90% 80% 83% 73% 84% 83% 92% 87% 90% 91% 83% 80% 75% 70% 60% 58% 50% 40% 30% 20% 10% 35% 33% 34% 36% Placebo MFB Movie MFB+Movie 0% I have used an MFB in the past I would trust an MFB to keep my money safe If I apply for a loan, my application will be accepted MFBs treat people with respect

21 Motivation to act 100% 90% 90% 86% 93% 91% 80% 70% 60% 55% 64% 60% 64% 50% 40% 30% 20% 10% Placebo MFB Movie MFB+Movie 0% I plan to save some money next month I plan to take a loan in the next 6 months Aspiration

22 Taking action 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% signed up interested MFB MFB + Movie

23 Next steps and analysis Currently finalizing follow up surveys and linking with microfinance information on actual savings Watch this space for results. Potential future interventions: Provision of capital? Precommitment savings account?

24 ASANTE SANA! ESE PUPO! UNA THANK YOU O! Спасибо!