Financial wellbeing initiatives give staff more than a better bank balance. Help your employees to gain control of their finances and your organisation will benefit from fresher employees who are enjoying a better lifestyle and less stress.
In an earlier article, we discussed the different ways HR can support employees in taking control of their financial wellbeing. Key to communicating your plans effectively is an understanding of the behaviours that inform people’s financial decision making.
Research shows that we make many of our decisions by rules of thumb or shortcuts that are known as heuristics. They help the brain filter multiple factors to make complex choices more easily, including financial decisions.
Prepare to gain the behavioural insights that will help you improve the design, marketing and support for your financial wellbeing programmes as we explore seven mental shortcuts including:
- The power of pre-set options
- Loss Aversion
- Short-termism
- Fitting in with the in-crowd
- No-one is more interesting than ourselves
- Engage with ego
- Priming the subconscious mind