ND14 - Cait Hurley

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ND14 - Cait Hurley

  1. 1. 1 Getting to grips with Behavioural Economics as part of Money Advice Service’s service delivery Cait Hurley 18/06/2014
  2. 2. MAS’s commitment to behaviour change Business plan 2013-14
  3. 3. Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves
  4. 4. Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves East: Easy Attractive Social Timely Defaults Salience Reduce the ‘hassle’ Attract attention Rewards and sanctions Social Norms The power of networks Commitment to others Right time Immediate costs/benefits Help to plan response
  5. 5. gameful design Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves East: Easy Attractive Social Timely Defaults Salience Reduce the ‘hassle’ Attract attention Rewards and sanctions Social Norms The power of networks Commitment to others Right time Immediate costs/benefits Help to plan response Gameful: The goal The task Show rewards Show progress Progressively satisfy Tell them they’re winning
  6. 6. Tetris task completion gets harder
  7. 7. Project 1: Money Lives
  8. 8. Mortgage calculator
  9. 9. New mortgage calculator
  10. 10. New mortgage calculator
  11. 11. Healthcheck
  12. 12. Healthcheck diagnosis
  13. 13. Healthcheck
  14. 14. Healthcheck data New user registrations on website 11146 4968 5656 4243 4012 New user registrations with Advice Plans 2185 870 862 706 588 New user registrations due to Health Check 1512 550 577 461 364 Percentage of user registrations due to Health Check 14% 11% 10% 11% 9% Advice Plans 383551 Tasks Active 2100 Completed 8082 Dismissed 7777 Overdue 2076 Inactive 1744715
  15. 15. References: Daniel Kahneman “Thinking Fast and Slow” ISBN 978-0141033570 Jane McGonigal “Reality is Broken” ISBN 987-0099540281 http://www. janemcgonigal.com/ Endhil Mullainathan, Eldar Shafir “Scarcity” ISBN 978-1846143458 The Behavioural Insights Team “East: Four simple ways to apply behavioural insights” http://www.behaviouralinsights.co. uk/ Fair Banking Foundation http://www.fairbanking.org.uk/

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