Evaluation
Researchers partnered with financial providers in the United Kingdom to evaluate the effectiveness of various disclosure designs aimed at supporting consumers’ financial decisions across savings products. Although most disclosures increased the number of consumers that switched to higher-yielding savings account, the effects were relatively modest, even among those who received the most effectively designed disclosure and those with substantial financial incentives to switch. These findings suggest that low attention limits the potential of financial disclosures and that disclosures need to be more explicitly designed to better capture consumers' attention.