Can lotteries be used to help people save money?
1 July 2016
Our latest article - How can lotteries be used to help people save money? - was published this week by The Marketing Society.
Many people have little or no savings set aside for emergencies. The UK's Money Advice Service recently found that 4 in 10 adults do not even have as much as £500 set aside for unexpected expenses. Behavioural scientists are beginning to tackle this problem by using the allure of lotteries to nudge people to save regularly.
We looked at how subconscious biases drive the desire to purchase lottery tickets and how we can turn a potentially harmful behaviour into a positive behaviour. Leveraging the attraction of lotteries, but in a savings context can help people to build lasting saving habits and a financial safety net.
You can read our article here.
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