Applying behavioural science to support better financial decision making: Findings from the Behavioural Insights Team

Abstract

Max will talk about the results of the Behavioural Insights Team's (BIT) Financial Capability Lab partnership with the Money Advice Service (MAS). The Lab is researching how a behavioural approach could help people to repay their debts faster, to save more, and to seek financial guidance at key moments. Max will discuss the published results from online experiments and qualitative work into ideas such as:

- Can we reduce the cost of credit card debt using a slider interface?

- Can we use our social networks to help us save?

- Could the supermarket checkout be a good place to get in the habit of saving?

MAS and BIT are now working to develop the successful ideas from the Lab as products to be delivered at scale with partners from across the financial services sector. Max will also discuss how MAS and BIT aim to drive positive social impact from this current stage of the Lab.

About the speaker

Max leads work on financial behaviour, including the Financial Capability Lab. Prior to joining the Behavioural Insights Team Max spent five years working in the UK Civil Service. He also has experience in consulting and international shipping firms.

Most recently Max helped to establish the UK’s new Department for International Trade. Other experience includes leading a large UK government investment programme for manufacturing, acting as Private Secretary to the Permanent Secretary at the UK Department for Business, Innovation and Skills and securing major reductions in electricity costs for UK Energy Intensive Industries.

Max holds a Master’s in Cognition and Communication from the University of Copenhagen, where his thesis focused on implementing behavioural insights in a major multi-national firm. Max completed his undergraduate studies at King’s College London.