Influencing Financial Behavior: From Changing Minds to Changing Contexts

Dolan, Paul; Elliott, Antony; Metcalfe, Robert; Vlaev, Ivo

doi:10.1080/15427560.2012.680995

Cited by 70 publications

(43 citation statements)

References 138 publications

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“…These results are in line with the SDT, but also the TPB: perceived control is stronger when the decision to change is made by oneself rather than others, which in turn strengthens the intention to behave consistent with the decision (Schifter & Ajzen in Danes and Rettig 1993). Dolan et al (2012) argue that financial information and education can change behaviors by changing minds, but that this works best for those who are open to learning. Human decisions are receptive to changes in the environment, and by changing the context decisions can be influenced.…”

Section: Motivating Clientssupporting

confidence: 73%

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A Systematic Literature Review to Identify Successful Elements for Financial Education and Counseling in Groups

Peeters¹,

Rijk²,

Soetens³

et al. 2018

Journal of Consumer Affairs

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This study reviews the literature available on contents, form, and effectiveness of group‐based programs for combined financial education and counseling aimed specifically at populations at risk for financial difficulties. Despite the widespread application of these programs, relatively little is known about their effectiveness. In general, evidence points to positive effects of several programs on knowledge, confidence, and (intended) behavior, but the exact mechanisms through which this is achieved remain unclear. The topics covered differ among studies, but common themes can be identified. It appears of importance to combine education with practical exercises allowing participants to apply the skills they learn. Motivating clients is another important recurring theme. Working in groups provides an added benefit through recognition and peer support. It is important that future research focuses on the mechanisms of change and on long‐term effects, since these remain largely unknown in the current body of literature.

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Section: Motivating Clientssupporting

confidence: 73%

“…Dolan et al () argue that financial information and education can change behaviors by changing minds, but that this works best for those who are open to learning. Human decisions are receptive to changes in the environment, and by changing the context decisions can be influenced.…”

Section: How Can We Achieve Change In Financial Behavior?mentioning

confidence: 99%

A Systematic Literature Review to Identify Successful Elements for Financial Education and Counseling in Groups

Peeters¹,

Rijk²,

Soetens³

et al. 2018

Journal of Consumer Affairs

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show abstract

“…The card issuer should therefore not trust in the card owners to build on them an alarm subsystem and should use other warning mechanisms and safeguards. In addition, it should increase cardholders' risk perceptions and initiate effective awareness campaigns, which take into account context (Dolan et al, 2012), to instruct them about the convenience of notifying any incident involving their card as soon as they are aware of it. To finish, however, it should be noted that extending the above conclusions to the entire industry should be made with care.…”

Section: Discussionmentioning

confidence: 99%

Is the cardholder an efficient alarm system to detect credit card incidents?

Pavía

Veres-Ferrer

2015

Int J Consumer Studies

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There is a growing tendency in credit card industry to increase the contribution of the smallest players, the cardholders, in the detection of card incidents. This article examines whether cardholders are efficient at detecting/communicating incidents of theft, loss or fraudulent use of their cards. The analysis focuses on whether they demonstrate enough speed of response to support a risk control subsystem by the issuer. The research follows a completely new approach showing how the issue can be handled by applying the concept of elasticity, a notion just recently exported from economics to the field of statistics by linking it with the reverse hazard rate. The issue is focused on the analysis of the characteristics of the elasticity function of the random variable that measures the delay of cardholders in reporting incidents. This study is illustrated with an application to a real data set of 1069 incidents.

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“…MINDSPACE was used by the Consumer Financial Education Body (CFEB) in the UK to illuminate how learnings from psychology and sociology can be used alongside more traditional policy interventions to transform financial behaviour – by developing approaches that build financial capability (Adriaenssens et al ., ; Dolan et al ., ). Experience was gained in the design of the messages during on an ongoing project ‘Investigating the effect of letter wording on taxpayer behaviour’ which aimed to help the UK government to identify more effective ways of collecting the debts owed to it by individuals (for 1.5 million research participants).…”

Section: Using Behavioural Economicsmentioning

confidence: 97%

Consumer education and empowerment in Europe: recent developments in policy and practice

Brennan

Vlaev

Blakemore³

et al. 2016

Int J Consumer Studies

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This article develops the findings of an evaluation of European Commission consumer education, information and capacity building actions conducted in 2011, with an examination of action taken by 2016 to address the recommendations. Based on empirical research of documents, in-depth interviews, focus groups and semi-structured surveys of Directorate General for Health and Consumers and Directorate General for Education and Culture policy networks, it discusses the journey taken to improve consumer education and empowerment throughout Europe. Implementation of the recommendations aims to transform consumer education and empowerment in Europe, with integrated and updated resources for the maximum number of teachers across the European Union, where teachers can focus the resources on consumer education activities relevant for their learners. A key focus of the new developments is to deliver higher European Union (pan-European) added-value, better coordination and synergies with national activities.

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Influencing Financial Behavior: From Changing Minds to Changing Contexts

Cited by 70 publications

References 138 publications

A Systematic Literature Review to Identify Successful Elements for Financial Education and Counseling in Groups

A Systematic Literature Review to Identify Successful Elements for Financial Education and Counseling in Groups

Is the cardholder an efficient alarm system to detect credit card incidents?

Consumer education and empowerment in Europe: recent developments in policy and practice

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