AFLPP Network: What really changes our financial behaviour?

photo-1457805552964-d90a8f9a578fKia Ora and thanks to everyone who came along to the fascinating conversation about what really works when supporting individuals, families and communities to change their financial behaviours. Scan the notes for some information about meetings that are coming up.

Rebecca Ruwhia- Collins, Coordinator G-Fit and smoking cessation behaviour change specialist

Behaviour Change: what can we do to strengthen the chances?
Key points from the AFLPP session March 11, 2016

Rebecca applied public health-related behaviour change thinking and strategies to the financial wellness sector in her presentation.

Changing behaviour means managing the push/pull factors relating to increasing capability, increasing (or decreasing) the Opportunity and increasing the right kind of motivation for the desired behaviours.

Key points included:

  • Build in support and accountability to a group / buddy / family  members –“you are not alone”
  • Build self-regulation into the design: have people identify their own strategies for behaving differently – that helps them take responsibility and builds in that accountability e.g. “How could you can avoid going out to the shop truck when it arrives?” What do you want to do differently?” What would be a first step to get where you want to go?

Increase people’s readiness to act in the first session by asking them about the behaviour that brought them into the room, one specific behaviour they want to change. Talk about getting into the right space, about having a ‘ready head’

Have everyone set a start time for taking action

Incorporate the TOP 5  behaviour change strategies:

build rapport; describe what a budget is (and can do for you in language that the group can relate to); help participants set a start date; track progress (via money diaries, payments made in a week etc); secure their commitment to reduce debt –through the support and self-regulation approaches above.

Nicola Gamble, Behavioural insights Manager, Commission for Financial Capability

Nicola talked about the behaviour change frameworks the commission is using presentation here.

Behaviour change is about starting a new behaviour, stopping a behaviour that harms, preventing taking up something harmful and changing a behaviour someone already has.
The EAST framework was a highlight – make behaviour change strategies Easy, Accessible, Social and Timely.

Tips that resonated:

build in support and peer to peer recommendations

Tales from the Tent – starting conversations with the public, using a starter question (and a tent!)

Showcase success – where other  people who have adopted the desired behaviour

Key life events are learning moments –tailor our financial literacy approaches to big events like weddings, the birth of children, going flatting

Visualise the desired behaviour – so people know where they are going!

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