Influencing positive financial behaviors: the social marketing solution

Abstract

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -Influencing positive financial behaviors is the natural next frontier for social marketers to "get serious about", as there are clear behaviors that, once adopted by target populations, will improve the quality of life for individuals as well as society. The purpose of this paper is to describe a study conducted on behalf of the Consultive Group to Assist the Poor (CGAP), an independent policy and research center dedicated to advancing financial access for the world's poor. Design/methodology/approach -The seven best practices presented in this paper are based on original research undertaken in 2009-2010 which examined more than 100 cases around the world where a social marketing approach was used to influence a financial behavior. Findings -Relevant behaviors identified, including those related to establishing a bank account, increasing savings, using credit wisely, avoiding over indebtedness, applying for micro finance loans, adopting new technologies, reducing chances of fraud, choosing the right insurance, reporting abuse, and shopping around and comparing offers. Potential target audiences were broad, ranging from sex workers in India, to farmers in "self-help" groups in Kenya, to girls aged 10-18 in Mongolia, to the homeless in San Francisco, to households on tea estates in India. Originality/value -The paper describes seven best practices essential for success when applying social marketing principles and techniques to influence desired financial behaviors. For each practice, case examples are then presented, ones that demonstrate the successful application of the highlighted best practice to influence a specific financial behavior. In total, ten cases have been chosen to provide a range of countries, behaviors, target audiences, and strategies.

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