Behaviour Change Speed Networking Event

pfeg Forum meeting - 17th October

Behaviour change speed networking event

Behaviours you want to encourage:

Cultural shift

·  Break-down the taboo on talking about money

·  Focus on aspirations for the future

·  Link rewards to achievements

·  Make financial education cool

·  Improve understanding from the top – from parents, teachers, politicians, leaders

·  Positive role models for young people in relation to financial behaviours (not just celebrities)

·  Challenge peer pressure and industry messages

Understanding and learning

·  Recognise trade-offs and be able to compare choices

·  Understand the current and future implications of spending decisions

·  Considered thinking: instil cultural norms and ability to identify when a deal is too good’

·  Learn what a basket of shopping costs

·  Understanding the value of money

·  Understanding the economics of public spending and welfare

·  Understanding that managing money has consequences

·  ‘Money matters’

Financial planning

·  Recognise the value of small steps in planning for the future, i.e: savings for old age or a rainy day

·  Financial life planning – taking a long-term view

·  Start a pension

·  Living within your means

·  Being able to make informed financial decisions eg: saving v paying interest on loans, choosing financial products

Skills

·  Gain independent control and resilience

·  Discernment

·  Differentiation

·  Awareness of themselves and others

·  Ability to research and seek advice especially before big financial decisions (impartial advice and free where available)

·  Ability to take responsibility

·  Ability to analyse

·  Habit of shopping around

·  The ability to be flexible and adaptable

·  Openness

·  Willingness to learn

·  Budgeting – to your needs

·  Ownership and accountability

Behaviours you want to get rid of:

·  Young people assuming financial support from parents without responsibility (bank of Mum and Dad)

·  Parents just handing over money

·  Short-termism

·  Easy access to credit (Bad credit)

·  Stop spending more than you have

·  Stop assuming someone else will take care of money matters

·  The culture of apathy around savings

·  Being unaware of money

·  Consumerism and bling

·  Stigma around talking about finances openly

·  Quick-fix solutions (borrow now, worry later)

·  Money = happiness

·  Right to have money without giving something in return

·  Quick fix solutions

·  Unrealistic and unfounded aspirations

·  Less influenced by external factors such as peers, media

·  Reliance on credit cards and store cards

Attitudes

·  Give up wanting everything now/ spending culture

·  Complacency

·  Change ‘see it must have it’ culture

·  Do the marshmellow test: deferred happiness = more happiness

·  Patience

·  Being fearful and ignoring future needs – burying head in the sand

·  Inertia