Building Financial Resilience
United Kingdom, 2016
Which?
Building Financial Resilience
Many UK households have trouble saving money at the end of the month. Despite recent improvements in the United Kingdom’s economy, people’s intentions to save, and ample efforts from governments and financial institutions to communicate the benefits of saving, their financial resilience remains fragile. Factors such as the difficulty of building habits, loss aversion, and present bias are common behavioural barriers. Participants addressed the challenges of building financial products that would work with consumer biases rather than against them and how to help consumers create healthy savings habits that last.