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Social norms have a strong influence on us. Nudge theory can be used to describe situations where a nudge is used to improve the wellbeing of society. Can social nudges be utilised to help people make better financial decisions; specifically in areas of budgeting and spending?
Find out more : GoTally
Traditional approaches to helping people with managing their finances are often ineffective because decision-making is not only rational – it is also influenced by irrational factors like emotions and relationships. Can these factors than be understood and quantified by tapping into social media, whereby an analysis of such data can be used to trigger better financial behavior?
Find out more: Can I Afford This
Financially capable behavior is not just a function of financial literacy – it is also honed by various personal characteristics and peer effects. Educating people on financial literacy alone isn’t enough to positively change behavior. Moving away from traditional methods of financial education, can we induce more receptive behavior utilising tips and tricks that are personally and situationally more relevant than the average abstracts?
Find out more: Jarvis
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