Last month we did an experiment that involved re-designing our invoice payment reminder to nudge users towards better financial decisions. In this case: to pay their invoices on time and avoid reminder fees. We applied two nudge-oriented decision-making biases borrowed from behavioral economics: present-preference and asymmetry choice biases. In very Read more…
Does it ever happen to you that you started a free trial of a consumer product but ended up becoming a paying customer? The reason might just be loss aversion — an information processing bias where the anticipated cost of losing seems much more significant than what it is in Read more…
In our last post we noted that financial literacy has a far-reaching impact on your quality of life. But the talking points of financial literacy tend to be opaque and full of jargon. To prove that it’s not as complicated as it looks, I picked up four basic rules of Read more…
This is part one in our series “Financial literacy 101” check out part 2 here. Your knowledge about money management affects the quality of your life. But for some reason, the way people talk about finances seem to be made deliberately complicated or tedious. They tend to start something like Read more…