Behavioural economics and financial consumer protection

Lefevre, Anne-Francoise; Chapman, Michael

doi:10.1787/0c8685b2-en

Cited by 13 publications

(4 citation statements)

References 5 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Our feelings will affect our actions towards climate change issues [39]. While negative feelings can reinforce adaptation [40], positive feelings may be counterproductive in terms of protective attitudes [41]: people are more willing to take action for climate change when they are directly affected and concerned [42], and when they can be rewarded somehow from their actions [43].…”

Section: Regenerative Behaviorsmentioning

confidence: 99%

About the Triggering of UN Sustainable Development Goals and Regenerative Sustainability in Higher Education

Brown²,

2019

View full text Add to dashboard Cite

Humans are at the center of global climate change: The United Nations Sustainable Development Goals (SDGs) are igniting sustainability with proactive, global, social goals, moving us away from the Brundtland paradigm ‘do nothing today to compromise tomorrows generation’. This promotes a regenerative shift in the sustainability concept, no longer only considering resources and energy, but also significant human-centric attributes. Despite this, precise ecological and sustainable attitudes have little prognostic value regarding final related individual human behavior. The global cultural challenge, dominated by technological innovations and business imperatives, alongside the mirroring technological fallacy and lack of ethical reasoning, makes the role of small actions, at individual and at academic scale even harder. This paper outlines the context in which universities can collaborate and contribute to triggering sustainability values, attitudes, and behavior within future regenerative societies. This contribution consists in three main areas: the first analyzes the issue of sustainability transitions at the individual scale, where influencing factors and value–behavior links are presented as reviewed from a number of multi and transdisciplinary scholars’ works. The second part enlarges the picture to the global dimension, tracing the ideological steps of our current environmental crisis, from the differences in prevailing western and eastern values, tradition, and perspectives, to the technological fallacy and the power of the narratives of changes. Finally, the task of our role as academics in the emerging ‘integrative humanities’ science is outlined with education promoted as an essential driver in moving from sustainability to regenerative paradigms.

show abstract

Section: Regenerative Behaviorsmentioning

confidence: 99%

About the Triggering of UN Sustainable Development Goals and Regenerative Sustainability in Higher Education

Brown²,

2019

View full text Add to dashboard Cite

show abstract

“…As governments around the world search to reform financial regulation, BE insights can be used as a complementary approach to conventional tools. BE approaches are practical, and often quite low-cost to implement (Lefevre and Chapman, 2017). An illustration of recent developments is the European Commission's 'Key Information Documents' (KIDs) policy.…”

Section: Discussionmentioning

confidence: 99%

A Behavioral Perspective on Saving Decisions. Empirical Evidence for Policymakers in the European Union

2020

View full text Add to dashboard Cite

Evidence is mounting that individuals do not always behave as strictly 'rational' customers of the banking sector as neoclassical models of economics would assume. Instead, scholars and policymakers are increasingly arguing that behavioral economics offers a more useful and realistic means of understanding customer behavior in the real economy. Drawing on data from the first European Central Bank harmonized household survey at the European level and Eurostat, this paper develops a multilevel model to investigate how individuals actually save. We find evidence that loss aversion bias exists in saving behavior as regards an individual's current level of income, and that evidence of this effect is also supported at the country level. We also find strong evidence that socio-demographic factors and cross-country differences influence individuals' saving behavior. We argue that behavioral approaches canand shouldbe used to understand saving behavior of individuals, and that this insight should be used towards the ongoing quest to improve future banking practice and financial reform, particularly in the aftermath of the 2008 financial crisis. Policy Implications• Individuals' saving behavior responds more to declines than to increases in customers' current level of income. Therefore, policymakers should facilitate a framework in which losses become less salient, by prioritizing more the long-term benefits.• Findings show that loss aversion is smaller for those EU countries with a lower level of GNI per capita, such as Latvia, Hungary, Greece, Estonia, Portugal, Slovakia, and Cyprus. Incorporating evidence derived from EU countries into policy-making can help address the weaknesses associated with neoclassical approaches.• Individuals that are more educated, married and homeowners tend to save more than their counterparts. On the contrary, women, unemployed and individuals living in a large household tend to save less. Behavioral tools are especially recommended for individuals who are thought to be potentially 'vulnerable' customers.• EU countries such as Cyprus, Greece and Latvia exhibiting a smaller loss aversion are associated with negative saving rates.Financial policies which promote disclosure methods, such as targeting annual summaries, may be beneficial for customers in different EU countries to take their saving decisions.

show abstract

“…Available reports from the International Labour Organization and the World Bank show that few workers participate in pension schemes (Holtzman and Hinz, 2001). Behavioural economic concepts indicate that workers decision to join pension schemes or otherwise can be influenced by their behaviour (Lefevre and Michael, 2017).…”

Section: Literature Reviewmentioning

confidence: 99%

Financial planning for retirement of self-employed workers in the Ghanaian economy

Ofori¹

2021

IJSE

View full text Add to dashboard Cite

PurposeThe purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.Design/methodology/approachThe study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.FindingsThe study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.Practical implicationsUsing the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.Originality/valueAnalysing the driving forces behind retirement plans of self-employed people in developing economies.

show abstract

Behavioural economics and financial consumer protection

Cited by 13 publications

References 5 publications

About the Triggering of UN Sustainable Development Goals and Regenerative Sustainability in Higher Education

About the Triggering of UN Sustainable Development Goals and Regenerative Sustainability in Higher Education

A Behavioral Perspective on Saving Decisions. Empirical Evidence for Policymakers in the European Union

Financial planning for retirement of self-employed workers in the Ghanaian economy

Contact Info

Product

Resources

About