Goals, commitment and peer effects as tools for improving the behavioural outcomes of financial education

Dados Bibliográficos

ID13009784
AutoresLeonore Riitsalu (0000-0002-0941-7983, Estonian Business School, Estonia; University of Tartu, Estonia, autor correspondente)
Ano2018
Volume17
Fascículo3
Páginas188-209
Data de publicação2018-11-19
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoCitizenship Social and Economics Education (JOURNAL)
Identificadores do periódicoISSN: 2047-1734 • E-ISSN: 2047-1734
EditoraSAGE Publishing (PUBLISHER • US)
DOI10.1177/2047173418812045
OpenAlexW2901968718
IdiomaEN
Citações recebidas4
Referências citadas46

Financial education has been criticised for its limited effect on behaviour. To explore ways of improving behaviour in managing personal finances, interpretive methodology and an intervention were used in five financial education courses in Estonia. It was hypothesised that applying behavioural insights into the design of financial education helps the participants to improve their financial behaviours. The intervention employed goal setting, partitioning, commitment to achieving the goal, feedback, deadlines, peer pressure and advice. These five case studies reveal that promotional goals are more motivating than prevention oriented goals, peer effects can be utilised only in homogeneous groups and that partitioning needs to be incentivised. The results provide support for the hypothesis; furthermore, positive changes in behaviour were noted also 6 months after the end of the course. However, the intervention and its elements would benefit from further testing

Behavioural economics · Business · Economics · Health education · Homogeneous · Intervention (counseling · Medical education · Peer education · Peer group · Peer pressure · Public economics · Financial Literacy, Pension, Retirement Analysis · Medicine · Microfinance and Financial Inclusion · Psychological Well-being and Life Satisfaction · Psychology · Social Psychology · Finance