Employees

Progress – A Little Often Leads to A Lot

Behavioral Economics

Ever notice that as a goal gets closer, you feel more motivated to cross the finish line? In behavioral economics, this is known as goal gradient theory, and one practical application of this theory is to take long-term goals and break them into a series of shorter-term goals. For example, take the long-term goal of…

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Use Tax Refunds to Reduce Debt

Tax Refund Debt Credit Union

The Federal Reserve reported household debt reached a new all-time high of $13.21 trillion in the first quarter of 2018.  Clearly, the economy is growing, lenders are lending and borrowers are finding the money they need.  But at what cost?   The rate of student loans, vehicle loans, and credit card loans is growing and…

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Connected Credit Unions

Credit Unions Behavioral Economics

We just returned impressed from a 1 ½ day behavioral economics workshop co-sponsored by our friends at Callahan & Associates. We pulled together 18 leaders from credit unions large and small from across the United States to discuss effective ways to use the dynamic science of behavioral economics to enhance their connections with members and…

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Behavioral Economics – Its Complicated

Behavioral Economics

At a recent workshop, we discussed a behavioral economics experiment that showed how stressing the positive or negative aspects of a situation altered the way participants responded to the risk inherent in the situation.  We demonstrated the famous test regarding treatment options that were framed to highlight either the number of patients who would die…

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Learn To Positively Impact Consumers

Credit Unions Members

  Understood Connections just conducted our first open workshop for 2018, and the experience for both the participants and the UC staff was wonderful.  Participants came from a number of different industries, presenting Credit Unions, Insurance Companies, Universities,  Staffing and Training, Churches, Payments Companies and Marketing Firms.  We held it at HQ Greensboro, a terrific…

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What is Behavioral Economics & Why You Need to Know About It

Behavioral Economics

Simply put, behavioral economics (BE) looks at why we do or don’t do something, choose or don’t choose something, decide or don’t decide at all.  It shows us how our thoughts and emotions may affect our decision-making, which means our choices may be irrational, much to the surprise of classic economists.   Classic economists says…

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Top 5 Things We Learned About Behavioral Economics in 2017

2017 Behavioral Economics

2017 was a big year for Understood Connections and Behavioral Economics.  A lot of things happened, but here is our list of the top 5 things we learned.   Behavioral Economics (BE) is Legit! Richard Thaler, one of the fathers of BE, won this year’s Nobel Prize for Economics.  For years, classic economists paid little…

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We’re Not Perfect

We’re not perfect.   It wasn’t a surprise to us either, but we do feel a little dazed that we missed an important behavioral economics factor.  However, since we want to connect with our clients, and be good leaders in the BE world, we realized we needed to make a change. Behavioral economics teaches us…

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