Financially fallible folk: Are they really that different and what does behavioural economics tell us about their problems with money?
Dr. Nieboer conducted a systematic study of the many financial education opportunities available. He found that the few successful in helping people change their behavior had something in common: they took into account our human psychology. Specifically, he has identified three factors key to successful financial education. It should be timely, coming around a major life event, perhaps, like having a baby or losing one’s job, when the recipient will be most receptive. It needs to be relevant: Does this person truly need investment advice or, rather, to save money on the shopping? Finally, financial guidance needs to be very specific, helping turn good intentions directly into concrete actions. Jeroen Nieboer’s research involves working with people to track their finances over time, but his goal is bigger than that. Better control over our own financial situation promises to reduce stress, help us become better members of our family and community, and lead to increased wellbeing, overall.
London School of Economics and Political Science
In Money Matters, We’re Only Human
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