A Research Agenda for Economic Psychology
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A Research Agenda for Economic Psychology

Edited by Katharina Gangl and Erich Kirchler

This book presents state of the art reviews on classical and novel research fields in economic psychology. Internationally acknowledged experts and the next generation of younger researchers summarize the knowledge in their fields and outline promising avenues of future research. Chapters include fundamental as well as applied research topics such as the psychology of money, experience-based product design and the enhancement of financial capabilities. The book is targeted particularly towards researchers and advanced students looking to update their knowledge and refresh their thinking on future research developments.
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Chapter 3: Improving financial capability

Krishane Patel and Ivo Vlaev

Abstract

Financial capability is an umbrella term that puts forward the factors behind making well-informed decisions to manage financial resources. Traditional definitions limit the components to skills and knowledge; however, the authors align with a recent movement to include opportunities and motivation as part of this definition. The traditional definitions posit financial literacy as the main factor behind financial capability; however, with this new definition, the authors present a framework to understand financial capability through behaviour science and the growing field of economic psychology (behavioural economics). Here they identify ways to improve financial capability through the use of behaviour change science, an emergent sub-field in behavioural science and behavioural economics. They utilize the current literature of behaviour change in the health care domain how financial capability can be improved, and how policy-makers and practitioners can utilize the behaviour change science to produce better outcomes for consumers.

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