We study the effectiveness of saving goals in increasing individuals' savings using data from a Fintech app. Using a difference-in-differences identification strategy that randomly assigns users into a group of beta testers who can set goals and a group of users who cannot, we find that setting goals increases individuals' savings rate. The increased savings within the app do not reduce savings outside the app. Moreover, goal setting helps those individuals previously identified as having the lowest propensity to save. Matching App user survey responses to their behavior highlights the relative merits of monitoring and concreteness channels in explaining our findings.

中文翻译：

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金融科技时代的目标设定和储蓄

我们使用金融科技应用程序的数据研究储蓄目标在增加个人储蓄方面的有效性。使用双重差异识别策略，将用户随机分配到一组可以设定目标的测试人员和一组不能设定目标的用户中，我们发现设定目标可以提高个人的储蓄率。应用程序内增加的节省不会减少应用程序外的节省。此外，目标设定可以帮助那些之前被认为储蓄倾向最低的人。将应用程序用户调查响应与其行为相匹配，突显了监控和具体渠道在解释我们的发现方面的相对优点。