Video: Use behavioural design to simplify financial decisions

Transcript

A video featuring persons and objects in animation format.

(A colourful arc shaped infographic with a tree sapling under its arc appears.)  

Text on screen: FCAC’s National Financial Literacy Strategy

(The image changes to a person’s head in profile with a puzzle piece inside it, all within a yellow circle.)

Text on screen: Use Behavioural Design to Simplify Financial Decisions

(The images changes to a man standing on a path that split into two. One path has a bouncing red sphere and the other has a bouncing red cube. The man scratches his head as he must decide between the two paths.)

Narrator: There’s a growing understanding about human behaviour: the way things are designed and presented can make a big difference in what people choose to do. We can harness that knowledge.

(Two women stand together with a small daughter holding one of the women’s hand. Four puzzle pieces set together are in the middle and an advisor holding a clipboard is on the other side of the puzzle.)

Text on screen: You’re a part of the financial ecosystem

(The puzzle pieces become blocks with various icons representing the stakeholder groups.)

Text on screen: Community groups, Government and regulators, Financial service industry, Other key players

Narrator: As part of the financial ecosystem—you have a role to play in helping Canadians make good financial decisions.

(The colourful arc shaped infographic with a tree sapling under its arc reappears.)

Narrator: FCAC’s National Financial Literacy Strategy provides you, with a framework to spark action to help Canadians.

(The arc infographic flips over and a clipboard holding a paper with numerous lines of text. The lines of text diminishes as a circle chart and check marks are added.)

Narrator: One way to do this is by designing and presenting your information so that it simplifies financial decision-making.

(A group of diverse people stand as a group with a yellow glow behind them.)

Narrator: This can make a big difference in helping Canadians achieve good financial outcomes.

(A man stands in front of three bars stacked one atop of the other. They represent multiple choices and are labeled ‘A’, ‘B’, ‘C’. A scientist holding a clipboard stands to the right and observes the man deciding.)

Text on screen: Careful design creates positive outcomes

Narrator: We know more than ever about how people behave, and why they make the choices they do.

(A woman types on a laptop sitting on an armchair, a light bulb lights up above her head.)

Text on screen: Apply behavioural design

Narrator: Applying principles of behavioural science to your programs, products and services will result in more positive financial outcomes for Canadians.

(A hand holding a smartphone with a question mark on its screen.)

Text on screen: What actions can you take?

Narrator: What are some of the actions you can take?

(The hand shakes the smartphone causing the image on screen to change. First to a bell ringing within a green circle, then a stopwatch within a red circle, and then a gold seal.)

Text on screen: Send reminders, Provide “just-in-time” information, Gamify or use incentives

Narrator: You can use technology. For example, send important reminders via text. You can make things simpler by providing “just-in-time” information at the point of decision. You can gamify or use incentives to encourage positive behaviour, such as savings.

(The image changes to a woman scrolling through her smartphone.)

Text on screen: Test, Evaluate, Share

Narrator: Make sure you test your material with clients to confirm that they understand it. And continue to share what you’ve learned with your networks.

(A group of diverse people sit and stand holding either a smartphone, tablet, laptop, and a piece of paper. A lightbulb lights up above each of them.)

Narrator: You can help guide Canadians towards their financial goals, while minimizing time and effort—so all Canadians can improve their financial outcomes.

(Image changes to a person’s head in profile with a puzzle piece inside it, all within a yellow circle.)

Text on screen: Use Behavioural Design to Simplify Financial Decisions

Narrator: Help Canadians build financial resilience.

(The colourful arc infographic reappears. The yellow circle slides into it.)

Text on screen: FCAC’s National Financial Literacy Strategy

Narrator: Learn more about FCAC’s National Financial Literacy Strategy and actions you can take.

(Image is replaced by a green line with a tree sapling emerging out of it to the right of screen.)

Text on screen:  Let’s make change that counts canada.ca/financial-literacy

Narrator: Together, let’s make change that counts!

(Government of Canada word mark: The word Canada with a waving Canadian flag above the last ‘a’)