Oct 30, 2017 by Vivien Caetano, Katy Davis, & Erin Sherman
It’s one thing to read about behavioral science or attend a one-time training on how it’s been used to improve programs. It’s another to take those insights and apply them to the real world yourself. That was the driver behind our Behavioral Design Project for Promoting Financial Health, in which 11 organizations actively learned behavioral … Read more.
Jul 25, 2017 by Hyunsoo Chang & Will Tucker-Ray
Millions of Americans struggle to manage their complex finances, even with countless budgeting tools that exist to make the process easier. The myriad of features included in these kinds of tools can even add to the complexity, and they often don’t account for the limited time and attention that people experience in real life. That’s … Read more.
May 8, 2017 by David Munguía Gómez
Saving money is important not only for long-term needs like retirement but also for expenses in the short term. This is because incomes and expenses are not always constant, and people can’t necessarily predict when they will need more cash. A reliable savings cushion is critical when people encounter large, unexpected costs or lose their … Read more.
Apr 24, 2017 by Katy Davis
As an unabashed finance nerd, I love a good tip about how to improve my financial health. I always look forward to April, Financial Literacy Month, for a flood of recommendations. Managing personal finances is hard, and recent research suggests that a huge proportion of Americans, not just those at the lower end of the … Read more.
Feb 2, 2017 by David Munguía Gómez
Many of us are aware of the usefulness of “rainy day” savings—what we set aside for emergencies and other unforeseen expenses that creep up on us all. Those savings are in addition to those we accumulate to accomplish larger goals we may have like buying a house or planning for retirement. But understanding the importance … Read more.
Nov 2, 2016 by Marcela Cheng & Andrew Fertig
For millions of people around the world, the consequences of inadequate retirement savings are devastating. The problem is widespread even in countries with formal systems of mandatory contributions to individual retirement accounts. In Mexico, these mandatory contributions amount to less than 40% of a worker’s salary during retirement, and few people make the additional (voluntary) … Read more.
Aug 29, 2016 by Alex Blau
Since her husband passed away a few years ago, Marwah has taken care of her family’s cocoa farm all by herself. She is motivated by a promise she and her husband made to help finance their youngest son’s college education. But like many who manage small cocoa farms in Indonesia, Marwah struggles to save money. … Read more.
Aug 9, 2016 by David Munguía Gómez
Saving for retirement can feel like giving money to a stranger. Forgoing money in the present to benefit the person we will eventually become—our “future self”—is often a difficult and ungratifying experience. Because of this and other behavioral barriers like the ones we uncovered in Mexico, it should come as no surprise that most people … Read more.
Apr 26, 2016 by Andrew Fertig
For most Americans, in addition to warmer weather, Spring means tax season. Compiling a year’s worth of financial records can be a tedious and confusing task, but it can also be a time of reflection—to thoughtfully consider how we used our money, and where there might be some room for improvement. We’re also able to … Read more.
Mar 4, 2016 by Financial Solutions Lab
This blog originally appeared on the CFSI/JP Morgan Chase Financial Solutions Lab Medium. ideas42 is proud to serve as a behavioral advisor to the Lab. In New York, 22-year-old Sean had been using a savings app called Even for about eight weeks when he realized something that surprised him: by automatically saving his higher-than-average income, he’d … Read more.