Research Paper

Financial Health Solutions: Using Tax Refunds for Debt Repayment

As consumers around the world struggle to manage debt, learn about the impacts of digital initiatives on debt repayment during tax refund season.

Wednesday, October 7, 2020
 Financial Health Solutions: Using Tax Refunds for Debt Repayment

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.

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.

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

About The Financial Health Leaders Lab

Written by

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

Financial Health Solutions: Using Tax Refunds for Debt Repayment

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