Posts related to “consumer finance”

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Boosting Financial Health with a Simple Phone Call

Aug 13, 2015

In the U.S., 44% of households are considered “liquid asset poor”, lacking savings to cover basic expenses for three months. What would it take to increase the financial resilience of these families? Could you do it with a simple 30-minute phone call? At ideas42, we think so. With funding from MetLife Foundation under its financial … Read more.

A New Model for Financial Education

Jun 16, 2015

Most car owners know that regular oil changes keep their cars running smoothly. Every few months, they visit their local dealerships, service stations or Jiffy Lubes and drive off 15 minutes later with the maintenance complete. But what if places like Jiffy Lube didn’t provide direct services? What if instead they hosted one-hour informational seminars … Read more.

How Behavioral Science Can Improve Financial Technology Innovations

Jun 11, 2015 by Eldar Shafir

Like many of us, I’m lucky enough to be able to manage my daily life while devoting just a sliver of my mind to looking after my personal finances. But for lower-income American households, navigating continuously challenging financial situations takes up a significant portion of their time, attention, and cognitive resources. Since we are all … Read more.

Behavioral Design Lessons for Improving Consumer Financial Health

Mar 30, 2015

Imagine you’ve been stuck in a meeting that ran into the lunch hour and you’re hungry—really hungry. You’ll focus on your hunger, craving whatever is closest and finding it tough to stick to long-term nutritional goals like maintaining low cholesterol. A very hungry version of you will also be more easily deterred by any short-term … Read more.

Will Increased Freedoms for British Pension Holders Lead to Bad Decisions?

Feb 23, 2015

In April 2015 the UK Government will introduce big changes to the rules surrounding how people can access their pension pots. The changes are complex, but the overall effect will be to give pension holders much more flexibility to spend or invest their savings as they choose when they reach 55. With this increased freedom … Read more.

Beyond Design, Behavioral Science for the Pilot and Scale of Product Innovations

Dec 16, 2014 by ideas42

This post originally appeared on the Center for Financial Inclusion at Accion Blog. What does it take to successfully design, pilot, and scale an effective new financial product or service? Much more than most would realize! That’s why the Center for Financial Inclusion’s (CFI) recent behavioral insights workshop in Bogota, Colombia, had a clear focus: … Read more.

Joining with USAID and CGAP to Scale Up Financial Heuristics

Oct 6, 2014 by ideas42

ideas42 Joins with USAID and CGAP to Improve Financial Management for Microentrepreneurs in Developing Countries Project will scale-up pilots applying behavioral economics to create more customer-centric financial services Non-profit behavioral design firm ideas42 has been awarded over $1 million by USAID and CGAP to scale up an innovative new tool to help microentrepreneurs in developing countries … Read more.

Promoting Financial Inclusion for More Americans: The Financial Innovation Lab Presented by American Express

Sep 5, 2014

Approximately 70 million American adults are considered unbanked or underbanked, and are forced to manage their money through costly alternative financial services that operate outside of the traditional banking system. These services, such as check-cashers and payday loans, impose large fees that often accumulate over time, which can trap consumers in cyclical and deepening debt. An alarming … Read more.