Video tutorial: CSG’s Richard Chataway on the impact of behaviour on financial decision-making

“If you don’t have an understanding of what drives human behaviour, the fundamentals and what impacts on human behaviour then actually business success will always be limited – whether that’s financial wellbeing, engagement or externally,” he told delegates at the REBA FinWell Forum.

He described the two systems of thinking – system 1 the automatic and system 2 the reflective and how humans were driven by both. Chataway also explained the impact of, and value, of behavioural nudges to deliver long term behaviour change at low cost.

“The easier you can make things both in terms of the actual action required and the thinking for people the more likely they are to change their behaviour accordingly,” he said.

But it’s a complicated process, he warned. “It’s complicated to understand what works in context so frameworks are very useful. Testing everything, especially counter-intuitive things, is really important,” he said.

This video was recorded at the REBA FinWell Forum, held in London on 7 March 2019.