A professor’s research reveals nudge economics is far more effective than setting rules when it comes to changing people’s financial behaviour.
From an article on the ‘My Business’ website:
‘Professor Richard Thaler’s studies are centred on ‘nudge economics’, wherein simple fixes or hacks, rather than rules or laws, are employed to nudge people in the direction of better habits, and away from instinctive reactions.
A nudge could include putting healthier foods where people can see them, which plays to people’s tendency to go for the easier choice.
But Professor Thaler believes that nudges can be also used to manage money.’
Source: My Business:Nobel prize winner reveals psychology of saving money
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