An English summary of the report “Optimalisering financieel advies aan mkb-ondernemers: praktijkverkenning stappenplan gestapeld financieren” [in Dutch]
DOCUMENT
Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.
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In this paper, we explore the design of web-based advice robots to enhance users' confidence in acting upon the provided advice. Drawing from research on algorithm acceptance and explainable AI, we hypothesise four design principles that may encourage interactivity and exploration, thus fostering users' confidence to act. Through a value-oriented prototype experiment and value-oriented semi-structured interviews, we tested these principles, confirming three of them and identifying an additional principle. The four resulting principles: (1) put context questions and resulting advice on one page and allow live, iterative exploration, (2) use action or change oriented questions to adjust the input parameters, (3) actively offer alternative scenarios based on counterfactuals, and (4) show all options instead of only the recommended one(s), appear to contribute to the values of agency and trust. Our study integrates the Design Science Research approach with a Value Sensitive Design approach.
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