Money lives: improving financial capability using behavioural science and ethnography

Abstract

This investigation uncovers the factors influencing financial capability by utilizing behavioural science and ethnography. The study employs a representative sample from across the United Kingdom with a total of 72 households. This presents a unique opportunity to establish how the general population understands and utilises money, their views and attitudes towards money, and how this impacted each of the three financial behaviours. This investigation utilised a behaviour change theory to comprehensively and systematically encompass influences on the three behaviours underpinning financial capability. We were also able to design interventions based upon the most significant influencing factors. As such the interventions could simultaneously reduce the impact of significant barriers and further accentuate the effect of enablers to each financial behaviour.