1. Research on Financial Literacy @dilipsoman

2. We are in the business of behaviour change
……the knowledge, skills and confidence to make responsible financial decisions………..

3. Econs!

4. Humans!

5. Design for humans, not for econs

6. The four –”ition”s
Motivation
Cognition
Perception
Emotion

7. Focus too much on content, and too little on context Focus too much on cognition, too little on the other “-itions”

8. Case 1: Saving in a Cash-Economy
(Soman and Cheema, 2011)

9. The Solution

10. Case 2: The World Bank on Fin-Lit
Carpena et al (2016)

11. Case 2: The Study No intervention Financial Education
Financial Education + Planning Prompts
Education (but not financial)

12. Case 3: Financial Literacy in a Box
(Shah et al.,
ongoing)

14. Themes Financial education is not enough
Quantity and timing of the initiatives matter
One size doesn’t fit all – tailoring programs to the needs and the context facing various groups is critically important
Measurement, evaluation and evidence is key to long term success. In particular, measurement of knowledge is only one indicator; measures of confidence and decision-quality are also important.

15. Evidence
Data ≠ Evidence
Evidence (Now, Here) ≠ Evidence (Then, there)

16. Data
Before
Financial Education
After

17. Data and Evidence Before After No intervention Financial Education
Financial Education + Planning Prompts
Education (but not financial)
After

18. In sum