Managing money well can be hard. It means making ends meet day-to- day, responding to financial shocks such as reduced income (losing your job) or an unexpected expense (car breaks down), and putting aside money for the future.
Financial capability is more than just knowledge of abstract concepts; it is putting that knowledge into practice to manage money well. There are political and economic factors that shape people’s financial capability, but this brief asks you to address the social-psychological aspects that make it challenging for people to manage their money well.
Research from behavioural science shows that some of our natural human characteristics undermine our ability to manage money well.
The Creative Challenge
This brief asks you to consider the ‘behavioural hurdles’ to financial capability and other psychological aspects that might be preventing people from managing their money well. You are asked to think of ways to make it easier or
more attractive to be financially capable beyond information campaigns. Who is your target audience and what might be standing in the way of their financial capability?
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