The Center for Financial Inclusion conducted this research in partnership with Prudence Foundation as it set out to develop Levela, a new mobile financial literacy platform. The study examines how financial education can be designed and implemented to improve comprehension of financial concepts and focuses on a single under-examined mechanism: communication style.

While communication styles may encompass a broad range of elements, including tone, visual design, and message framing, this research defines “communication styles” as the specific messaging approaches used to convey financial information and examines their impact on audience comprehension. This study evaluates three distinct communication styles– instructional, metaphoric, and behavioral– using a randomized survey conducted across four countries: the Philippines, Thailand, Vietnam, and Zambia.

The findings demonstrate that no single approach works best universally. Instead, aligning the communication style with the type of financial concept significantly improves comprehension. Key insights from the report include:

  • Intentional use of communication styles. Nuanced and deliberate use of different communication approaches leads to stronger comprehension outcomes.
  • No single winning communication style. While no single style proved best in the aggregate, matching style to concept meaningfully improved comprehension by 10 to 17 percentage points in the cases where fit mattered most.
  • No one-size-fits-all approach. Rather than searching for a single optimal communication style, providers may achieve stronger outcomes by deliberately building a repertoire of communication styles and aligning them with the types of concepts being taught.

Authors

Gillous Harris

Research Specialist

As a research specialist, Gillous contributes to CFI’s research and policy work by generating insights, communicating insights for impact, managing programs, and influencing organizational culture.


Gillous joins CFI from FinRegLab, where he conducted research to advance inclusion in lending, payments, and KYC practices. At FinRegLab, Gillous worked on and managed several research projects, drafted and reviewed policy reports and communications, and convened stakeholders to maximize the impact of policy research.

Gillous is from Blacksburg, Virginia, and he received his BA in International Relations and History from William & Mary in Williamsburg, Virginia. He completed his MA in International Relations at the Johns Hopkins School of Advanced International Studies, where he studied in both Washington, D.C. and Bologna, Italy.

Gillous enjoys spending free time with his dog Villa (a black and tan coonhound), hiking, and playing pickup basketball. He loves to try new things, whether it’s food, traveling to new places, or learning something new.

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Anindita Chakraborty

Director, Research and Strategy​

Anindita is an inclusive finance specialist with eleven years of experience undertaking research, ratings, client protection certifications, program implementation, training, and evaluation across multiple countries in Asia and Africa. She works closely with CFI’s Managing Director and leadership team on fundraising, operationalizing CFI’s strategy, internal knowledge management, and organizational processes.

Before joining CFI in October 2020, Anindita worked as an evidence and insights fellow at the UN Foundation’s Digital Impact Alliance (DIAL), where she helped develop a category management guide to enable developing country governments to strategically procure digital technologies. Anindita has worked for several financial inclusion organizations, including Dvara Finance, M-CRIL LLP, and Entrepreneurial Finance Lab (now LenddoEFL). While working as the partner success manager at Entrepreneurial Finance Lab, she helped financial institutions in India and Nepal adopt psychometric credit scoring to safely accelerate lending to low-income households and enterprises.

Anindita graduated from Columbia University School of International and Public Affairs (SIPA) with an MPA in economic and political development. She also holds a post-graduate degree in management from the Institute of Rural Management Anand (IRMA) and an undergraduate degree in information technology from the Institute of Engineering and Management (IEM). Anindita is fluent in English, Bengali, and Hindi.

Edoardo Totolo

Deputy Managing Director

Edoardo oversees CFI’s thought leadership in the thematic areas of financial consumer protection, responsible data practices, and green inclusive finance.

Prior to joining CFI, Edoardo worked for IFC’s venture capital team in Washington, D.C., where he promoted enabling environments and investment opportunities in embedded finance, startup ecosystems, and the digital economy. He also worked for the World Bank’s global financial inclusion unit, assisting regulators in leveraging data and developing strategies for financial inclusion and consumer protection. Between 2012 and 2018, Edoardo worked in Kenya as Research Economist for Financial Sector Deepening Kenya, a multi-donor program supporting the development of inclusive financial markets. He led flagship nationally representative surveys and provided fintech companies with advanced analytical tools for consumer insights and segmentation.

Edoardo holds a PhD in development economics from the University of Trento and an MSc in international development studies from the University of Amsterdam.

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