Behavioural Economics
Not everything’s as it seems
For years, economists believed decision-making was a rational process: weighing issues up objectively and arriving at informed decisions. We now know that’s not always true. Innate, primal influences govern our actions in ways that aren’t always obvious, but their impact can sometimes lead us to act irrationally.
These obstacles can be clearer in later life. Confronting mortality and deteriorating health can trigger emotional responses that cloud clear thinking. We’re also programmed to think short-term, and can struggle with making long-term decisions.
It’s important for today’s later life adviser to understand how biases can obstruct decision-making. We’ve developed the tools below to help you overcome this and deliver better outcomes for your clients:
Bias Insight and Action
Behavioural biases can impact a typical advice process in almost 50 ways. Discover where biases appear in the advice process and how to overcome them.
