This is a legacy website for the Behavioural Design Lab. It is no longer updated.
Behavioural Design Lab Subscribe Bird Contact

How Behavioral Science Can Improve Financial Technology Innovations

Finance, Psychology, Technology, innovation, money

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 creatures with limited mental bandwidth capacity, this means less mind left for other important concerns in daily life.

In one study, preoccupation with financial challenges temporarily lowered low-income individuals’ IQ by thirteen points. An ever-growing group of capable and well-intentioned academic researchers, non-profit leaders, entrepreneurs, designers, and some bankers aim to help all Americans who struggle with financial challenges by better understanding – and potentially alleviating – the psychological impact of financial scarcity.

Read the rest of the article...

Related content

The psychology of saving

Show me the money! The behavioural science of reward

This NYC Startup Will Pay You For Lowering Your Energy Bills

© 2015 Warwick Business School and the Design Council
jQuery UI Datepicker - Default functionality