On this episode:
How can behavioural economics help us improve our financial decision making?
Joining me today to help us understand the world inside behavioural economics is Melaina Vinski. Melaina has her Masters of Science and Phd in Cognitive Neuropsychology and is a Behavioural Economics Lead at PwC Canada.
Do you ever wonder what you can do to change your behaviour for the better when faced with making financial decisions? The good news is – we can turn to the field of behavioural economics to provide us useful insights about financial decision making in a given context. But how do these insights use the science and knowledge of human behaviour to decide how to solve problems in order to get the best results?
When it comes to women and finance, behavioural economics provides insights for designing better financial literacy products and programs that can help manage money and debt wisely, to plan and save for the future.
Thanks to behavioural economics insights, financial sectors can design programs and products to strengthen the financial literacy of women and empower them to be confident decision makers.
This relatively new field combines insights from psychology, judgment, decision-making, and economics to generate a more accurate understanding of human behaviour.
And it’s this understanding of human behaviour that will help organizations implement opportunities to create smarter, more targeted and effective financial literacy programs for all.