The report aims to emulate the ‘five a day’ rule, with prompts and rule of thumb phrases designed to encourage people to engage with their finances.
It found nudges could help people engage if they are simple, actionable & intuitive and if prompts were applied at relevant points in people’s lives.
The report recommended that rules of thumb and strategies for communicating them be subject to behavioural testing and that the Financial Capability Board work with government, charities, industry and other stakeholders on implementation.
“Simple rules that stick in the mind can help to change behaviours, and over time could foster a savings culture that makes us more financially savvy, prosperous and secure. But that will only happen with political support.
“Sustained awareness campaigns in other spheres of life have helped to shape our behaviours in the public interest. We now need that same sustained support to embed the foundations of financial well-being into everyday life.
“The proposed behavioural nudges will help people keep on top of their finances, think about the long-term and get the right expert support, whether that be from government-backed guidance services, advice from a professional financial planner or help from a charity.”