Science Pops Open, Ep. 11: In Money Matters, We’re Only Human

Research fellows of the AXA Research Fund tell the story of their work to reduce an array of risks

Did you know that when people are shown a digitally aged picture of themselves they are more likely to save money for the future? Our financial choices are just like any other behavior: influenced by our emotions and other aspects of our psychology. For Dr. Jeroen Nieboer, it is crucial to understand this point when designing financial education programs. His research involves working with people to track their finances over time, but his goal is bigger than that. 

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https://www.mysciencework.com/news/11985/science-pops-open-ep-11-humains-jusque-dans-nos-finances

 

Did you know that when people are shown a digitally aged picture of themselves they are more likely to save money for the future? It doesn’t sound rational, does it? But, then, our financial choices are just like any other behavior: influenced by our emotions and other aspects of our psychology. For Dr. Jeroen Nieboer, it is crucial to understand this point when designing financial education programs. And, given that a recent survey in the UK showed over half the population struggling to keep up with the bills, this information could impact many lives.

Dr. Nieboer conducted a systematic study of the many financial education opportunities available. He found that the few successful in helping people change their behavior had something in common: they took into account our human psychology. Specifically, he has identified three factors key to successful financial education. It should be timely, coming around a major life event, perhaps, like having a baby or losing one’s job, when the recipient will be most receptive. It needs to be relevant: Does this person truly need investment advice or, rather, to save money on the shopping? Finally, financial guidance needs to be very specific, helping turn good intentions directly into concrete actions. Jeroen Nieboer’s research involves working with people to track their finances over time, but his goal is bigger than that. Better control over our own financial situation promises to reduce stress, help us become better members of our family and community, and lead to increased wellbeing, overall.

More Episodes of Science Pops Open:

Ep. 1 – Your body can defend itself against cancer. It just needs a little help!, with Margot Cucchetti 

Ep. 2 – Improving outcomes of crisis and conflict, thanks to an ethnographic outlook, with Ruben Andersson

Ep. 3 – After an Earthquake, the Show Must Go On, with Anna Reggio

Ep. 4 – Disrupting the Sleeping Sickness Symphony, with Fabien Guegan

Ep. 5 – Optimizing Welfare…and Equality, with Sean Slack

Ep. 6 – Awaiting Balance in the Adolescent Brain, with Kiki Zanolie

Ep. 7 – Come Drought or High Water, with Luciano Raso

Ep. 8 – Taking European Tornadoes by Storm, with Bogdan Antonescu

Ep. 9 – Learning to Tackle Climate Change Together, with Sandrine Sidze

Ep. 10 – Nourish the Children of Urban Slums, with Sophie Goudet

Ep. 12 – A Depressed Sense of Smell?, with Kalliopi Apazoglou

Ep. 13 – Climate Shifts Carried on a River of Air, with Nikolaos Bakas

Ep. 14 – Something in the Air Down There, with Fulvio Amato

Ep. 15 – Foretelling a Complex Future for our Complex Ecosystems, with Phillip Staniczenko

Ep. 16 – From Childhood Illness to Innovative Antibiotics, with Agata Starosta

Ep. 17 – Plants & Poisons: Assessing Contamination in Our Environment, with Natalia Ospina-Alvarez

Ep. 18 – Voice of a storm surge, with Emiliano Renzi