Financial Health Solutions: Using Tax Refunds for Debt Repayment
A Study with Commonwealth Bank of Australia
Consumers around the world struggle to manage debt. Conducted in partnership with Commonwealth Bank of Australia (CommBank), the Financial Health Leaders Lab examined the impacts of digital initiatives on debt repayment during tax refund season. This study is part of a series highlighting Leaders Lab member innovations.



Heidi Johnson, Director of Behavioral Economics, Financial Health Network
Nathan Wang-Ly, Behavioral Research Manager, Commonwealth Bank of Australia

Top Takeaways

Companies looking to help their customers manage debt can draw the following lessons from CommBank’s tax-time innovations:

Encourage customers who are having trouble managing debt to seize opportunities to take action quickly

Provide ongoing support for customers taking a step toward financial health

Measure financial health over time for the true picture of impact

Data Spotlight

To test its innovation with the Financial Health Leaders Lab, CommBank measured the percentage of customers that made a payment toward their debts shortly after receiving tax-time reminders and the amounts paid toward their debts.

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Our Supporters


This report is made possible through the generous support of MetLife Foundation, a founding sponsor of our financial health work.

About the Financial Health Leaders Lab

The Financial Health Network helps companies incorporate behavioral science principles into their product design and rigorously test the financial health impact of their products. This research was conducted through the Financial Health Leaders Lab, a program available exclusively to Financial Health Network Members, which supports a select group of companies developing and testing innovations to improve financial health.

ABOUT THE LAB