Dr. Steve Wendel - Designing for Behavior Change
Publisher |
Dr. Daniel Crosby
Media Type |
audio
Categories Via RSS |
Education
Publication Date |
Oct 07, 2021
Episode Duration |
00:38:27

Tune in to hear:

- Morningstar recently conducted an in-depth study on the financial biases that people bring to the table. What are the real world, fiscal impacts of these biases?

- In the study, were they able to quantify a percentage or a dollar amount difference between biased and unbiased folks?

- 2% of people in their study showed no evidence of bias - are their really people out there that are almost completely bias free, or was this an anomaly in the study?

- There was only one bias that showed a significant skew for a certain demographic - which one was it and why might this be the case?

- In most studies men show up as overconfident with financial decisions, when compared to women - why didn’t this play out so dramatically in the Morningstar research?

- Did Steve’s team’s study look at lose aversion at all?

- What are the 6 facets of the “Create” model that Steve created as a sort scaffolding for guiding client behavior.

- If we have a client with a history of traumatic or bad financial experiences, how can we help them envision different outcomes and possibilities?

- How can behavioral science be used to improve one’s religious or spiritual practice?

- What does the research show about the benefits of having a personal spiritual practice and what might this look like for different people?

Web: behavioraltechnology.co

Compliance Code: 2537-OAS-9/28/2021

This week on Standard Deviations with Dr. Daniel Crosby, Dr. Crosby speaks with Steve Wendel. Dr. Wendel is a behavioral social scientist who studies how digital products can help individuals manage their money more effectively. Stephen has authored three books on applied behavioral science: Designing for Behavior Change (November 2013), Improving Employee Benefits (September 2014), and Spiritual Design (October 2019). Designing for Behavior Change, now in its second edition, gives step-by-step instructions on how to develop products that help users take action: from exercising more to learning a new language. The second book examines why employees fail to use their benefits and how behavioral economics can help, and the third is an exploration of what lessons from behavioral science might mean for creating spiritual habits and practices, regardless of a person's particular beliefs or faith.

Tune in to hear:

- Morningstar recently conducted an in-depth study on the financial biases that people bring to the table. What are the real world, fiscal impacts of these biases?

- In the study, were they able to quantify a percentage or a dollar amount difference between biased and unbiased folks?

- 2% of people in their study showed no evidence of bias - are their really people out there that are almost completely bias free, or was this an anomaly in the study?

- There was only one bias that showed a significant skew for a certain demographic - which one was it and why might this be the case?

- In most studies men show up as overconfident with financial decisions, when compared to women - why didn’t this play out so dramatically in the Morningstar research?

- Did Steve’s team’s study look at lose aversion at all?

- What are the 6 facets of the “Create” model that Steve created as a sort scaffolding for guiding client behavior.

- If we have a client with a history of traumatic or bad financial experiences, how can we help them envision different outcomes and possibilities?

- How can behavioral science be used to improve one’s religious or spiritual practice?

- What does the research show about the benefits of having a personal spiritual practice and what might this look like for different people?

Web: behavioraltechnology.co

Compliance Code: 2537-OAS-9/28/2021

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