Do You Believe Your Work Can Benefit Through Insights Gained From Behavioral Economics?
The Common Cents Lab, supported by MetLife Foundation, is a financial behavior research lab at Duke University that creates and tests interventions to help low-to-moderate income households increase their financial well-being. Common Cents, is part of the Center for Advanced Hindsight at Duke University, and is comprised of researchers and experts in product design, economics, psychology, public policy, advertising, product design, business administration, and more.
To fulfill its mission, Common Cents partners with organizations, including fin-tech companies, banks, credit union, and nonprofits, that believe their work could be improved through insights gained from behavioral economics. These organizations have the opportunity to work 1:1 with behavioral scientists at Common Cents to find and test solutions to help individuals improve and build sound financial behaviors. Since January of 2016, CommonCents has partnered with 14 organizations to design and test interventions that help Americans improve their financial health.
For their upcoming workshop, Common Cents will be accepting 5 financial institutions and 5 fin-tech companies and working with them to find solutions that help low-to-moderate income Americans:
- Improve their cash flow management
- Decrease expenses
- Decrease debt
- Increase short-term savings
- Increase long-term savings
Current partners who have been through the program include: AARP, Digit, EarnUp, Gusto, Payable Propel RetireMap, RobinHood, Credit Union 1, Duke Federal Credit Union, Latino Community Credit Union, Self-Help Credit Union, GreenPath Financial Wellness
“The partnership was instrumental in helping us develop features that drive substantial savings,” said Ethan Bloch, Founder and CEO of Digit.
Organizations interested in joining CommonCents can complete and submit an application at or before Friday, October 28th. Each application will be closely reviewed by expert behavioral scientists.
About CommonCents and Center for Advanced Hindsight
The Duke Center for Advanced Hindsight, led by Dan Ariely, is a leading academic institution committed to studying, designing, testing and implementing behavioral interventions that help people be happier, healthier and wealthier. Through its work, insights and variety of projects, the center aims to change the small details in the environment that will lead to big behavior change. The Common Cents Lab is focused on financial decision making and is supported by MetLife Foundation. The Foundation aspires to help people build a better tomorrow through access to the right financial tools and services. For more on CAH, go to http://advanced-hindsight.com/ and follow on Twitter at @commoncentslab
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2015, MetLife Foundation has provided more than $700 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.