USING DEBIASING TECHNIQUES TO IMPROVE FINANCIAL BEHAVIOR

Abstract

To overcome the systematic biases and environmental traps identified by behavioral economists, there was a need of finding the so-called debiasing techniques, including techniques focused on the individuals and the environment, and this paper offers recommendations for improving the impact of financial education programs in the life of people. This paper shows the negative effects that behavioral biases have on human life and how the consequences of those biases can be mitigated with the use of debiasing techniques.

Keywords

• financial education
• behavioral economics
• budgeting
• behavioral biases