Applying Behavioral Economics Insights to the Design of Savings Products
Applying Behavioral Economics Insights to the Design of Savings Products was presented on the Financial Services and Capabilities track at the 2012 Global Youth Economic Opportunities Conference. Why is it so difficult to save, eat fewer calories, exercise regularly, and accomplish the various other goals that we put on our New Year’s resolution list? Most would cite lack of discipline. That’s definitely one of the key barriers, but behavioral economics suggests many others obstacles, particularly for savings. Joshua Wright and Alexandra Fiorillo introduce the most relevant psychologies when designing savings products for young people. Learn about a variety of innovative youth-friendly financial products that incorporate behavioral concepts to help people act on their good intentions to save.