Effectiveness of Behavioural Science for Financial Decision-Making

Understanding the factors that influence the financial decisions that individuals make is particularly important in difficult economic times. The proposed research seeks to understand the factors that influence financial decision-making under economic stress, with a particular interest in the efficacy of interventions to influence decision-making and the role of financial literacy and related constructs. The project will include a literature review, the development of a new questionnaire-based research tools, and a psychological experiment focusing on decision-making under high and low stress conditions. In addition to contributing to the academic literature on decision-making, it is expected that the research will have practical applications in helping to increase the efficiency of interactions with financial consumers and aid them in completing their tasks, in part by contributing to the development of tools to optimally inform consumers.

Faculty Supervisor:

Esther Greenglass

Student:

Joana Katter

Partner:

Toronto-Dominion Bank

Discipline:

Psychology

Sector:

University:

Program:

Accelerate