Common Cents Lab, a financial behavior research lab part of the Center for Advanced Hindsight at Duke University, today unveiled the Financial Wellbeing Design Guide. At a time of mounting economic pressure and as financial product designers strive to help consumers improve financial wellness, this dynamic online platform makes the insights and case studies gained from seven years of field work impacting more than two million people available to anyone.
Using customizable filters and short user surveys, the Guide provides easily digestible information on every experiment, partner, outcome and lesson learned from Common Cents Lab's entire body of work. It also includes a short primer on basic behavioral science concepts and terms found throughout the Guide.
“Our work has proven that behaviorally-informed interventions can lead to increased savings, reduced expenses and other positive financial decision making,” said Common Cents Lab co-founder Mariel Beasley. “By publicly and freely sharing these insights, we hope to make it easier and faster for researchers, product designers, consumer advocates and others to effectively leverage behavioral science in their own work.”
Since 2015, Common Cents Lab has partnered with banks, credit unions, fintechs, universities, and government teams to run hundreds of experiments to learn how to best improve the design of financial products and services for low-income households.
The new platform allows designers, product managers, researchers, journalists and others to easily access and use insights from these experiments, summarized in case studies, in their own work. With just a few clicks, interested parties can learn how to use defaults in a retirement savings account to boost savings or how to help reduce debt with a single, well-timed phone call.
To learn more and to access the Financial Wellbeing Design Guide visit https://case-studies.advanced-