Motivating Millions

Spotlight on better decision-making

With a rainbow creating a dramatic backdrop to our December round table event in Canary Wharf, guest speaker Greg Davies, Head of Behavioural Finance at Barclays, kicked off a discussion on ‘Using behavioural economics to help people make better financial decisions’

Illuminating stuff.

Including attendees from HSBC, Scottish Widows, Standard Life, Scottish Power amongst others, the group opened up fascinating insights into decision-making, including:

  • how simple frameworks and processes can help us make better choices
  • how system design can often give people the opportunity to disengage because it can make the decisions for them
  • how we balance incentives for engagement with incentives for competition.

Many of the ideas and principles explored have relevance beyond finance and into wider customer and employee behaviours such as saving for the future or changing energy supplier. Here’s a quick one-page ‘capture’ of the discussion and the main themes we explored…