What Elements of Behavioural Economics Can Employers Build into a Financial Wellbeing Strategy?

Nudge Appears in Employee Benefits Feature on Behavioural Economics in Financial Wellbeing

Jeremy Beament, Co-Founder of Nudge, appears in the March edition of Employee Benefits in a piece that examines what elements of behavioural economics employers can build into a Financial Wellbeing strategy.

The feature looks at how:

  • Behavioural economics can be used to nudge employees in the right direction when making decisions impacting their Financial Wellbeing
  • Employers can learn from the auto-enrolment experience which built on using employees’ inertia to boost pension saving in the UK
  • Encouraging staff to commit to save more tomorrow can also support long-term decision making and financial goals

Jeremy comments on how behavioural economics can be used as a method employers can employ to break down big issues, such as debt or how to save for the future, for example, to make them manageable for individuals. He also notes that employers typically have the data at their fingertips that can help them feed the right financial information to an employee at the right time.

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What elements of behavioural economics can employers build into a financial wellbeing strategy?