{"id":925,"date":"2018-02-22T00:00:00","date_gmt":"2018-02-22T00:00:00","guid":{"rendered":"https:\/\/brand-genetics.test\/are-we-spending-our-money-wisely-a-conversation-with-dan-ariely\/"},"modified":"2019-11-19T16:33:02","modified_gmt":"2019-11-19T16:33:02","slug":"are-we-spending-our-money-wisely-a-conversation-with-dan-ariely","status":"publish","type":"post","link":"https:\/\/brandgenetics.com\/pt\/are-we-spending-our-money-wisely-a-conversation-with-dan-ariely\/","title":{"rendered":"Are we spending our money wisely? \u2013 A Conversation with Dan Ariely"},"content":{"rendered":"
<\/div>\n

\u201cIn behavioural economics, there are two important questions; how do you reduce friction, and how do you make good behaviour the \u2018easier one\u2019?\u201d explained Dan Ariely,\u00a0the renowned behavioural economist\u00a0and Professor of Psychology and Behavioural Economics at Duke University.<\/span><\/p>\n

Ariely defines friction as things that add steps to a process. \u00a0A very simple example involves the need to bend down to get at the vegetable drawer in a fridge. \u201cIt\u2019s a bad design\u201d claims Ariely, and is a barrier to eating healthily.\u00a0 His argument is that this area is hidden at the bottom of the fridge, which makes the eye-level food items more attractive and adds friction to the healthy eating process.\u00a0 Therefore, when trying to understand human behaviour and motivations, it\u2019s essential to keep friction in mind as \u201cgenerally, people hate doing anything\u201d.<\/p>\n

\"\"
Ariely’s book exploring our relationship with money<\/figcaption><\/figure>\n

Another example is the various attempts to get people to stop smoking. \u00a0Images of damaged lungs and rotting teeth on cigarette packs barely made a difference. \u00a0It was through adding various forms of friction, including taxes, \u2018social shame\u2019 (making smokers stand in designated areas outside of buildings) and creating the concept of the \u2018passive smoker\u2019, that was most effective in driving down numbers.<\/p>\n

Another way to make people alter their behaviour is to add \u2018irrelevant motivations\u2019. \u00a0Once upon a time, Proctor and Gamble told us that brushing your teeth twice a day was more socially acceptable and De Beers convinced us that \u201cdiamonds are forever\u201d and that a marriage is incomplete without a diamond ring – and we haven\u2019t looked back since.<\/p>\n

Ariely says that all this is relevant to the way we spend money today because that process has changed beyond recognition over the course of 50 years with significant consequences.\u00a0 The evolution from cash, to cheque, to card, saw a corresponding increase in spending (and inevitably borrowing and debt). We now live in a world of contactless payments and cryptocurrencies which have made spending money even more frictionless. \u00a0As we embrace a more digitalised spending economy where transactions can be made seamlessly, it is important for consumers to add friction and increase their \u2018pain of purchase\u2019 – the feeling of loss associated with having money taken away – to help control their spending.<\/p>\n

\"\"
The coin used to help the Kenyan people save money<\/figcaption><\/figure>\n

Recent studies Ariely was involved in centred around helping different groups of people save money.\u00a0 These included poor Kenyans living in the slums of Nairobi and middle-class Israeli citizens. \u00a0For the Kenyan\u2019s, the most effective solution was to distribute physical coins for them to scratch off the number of weeks over which they had saved money, and through transferring their savings to banks to make it harder for them to spend it (increasing friction). \u00a0On the other hand, Israeli citizens were encouraged to save up for a college education in specifically titled \u2018college savings\u2019 bank accounts.\u00a0 Both were successful and although they were very different in nature, there was one thing in common \u2013 they made the invisible visible. \u00a0The coin acted as a physical reminder and source of motivation for the Kenyen people, while the college-specific bank accounts provided a sense of direction to guide Israeli\u2019s towards investing in a better educated future.<\/p>\n

With more and more \u2018frictionless\u2019 money services becoming popular such as Apple Pay, new apps like Monzo and Atom are now becoming increasingly popular and in-demand, with the purpose of making our increasingly digitalised transactions feel more tangible.<\/p>\n

So, when you are designing your next innovation, ask yourself, what is the right level of friction that you need to drive the behaviour you are wanting to see?<\/p>","protected":false},"excerpt":{"rendered":"

\u201cIn behavioural economics, there are two important questions; how do you reduce friction, and how do you make good behaviour the \u2018easier one\u2019?\u201d explained Dan Ariely,\u00a0the renowned behavioural economist\u00a0and Professor of Psychology and Behavioural Economics at Duke University. Ariely defines friction as things that add steps to a process. \u00a0A very simple example involves the […]<\/p>\n","protected":false},"author":16,"featured_media":928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[34,149,150,151,152,153,9,154],"class_list":["post-925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forward-thinking","tag-brand-genetics","tag-dan-ariely","tag-friction","tag-human","tag-human-behaviour","tag-human-centred-innovation","tag-innovation","tag-money"],"yoast_head":"\nAre we spending our money wisely? \u2013 A Conversation with Dan Ariely - Brand Genetics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/brandgenetics.com\/pt\/are-we-spending-our-money-wisely-a-conversation-with-dan-ariely\/\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are we spending our money wisely? \u2013 A Conversation with Dan Ariely - Brand Genetics\" \/>\n<meta property=\"og:description\" content=\"\u201cIn behavioural economics, there are two important questions; how do you reduce friction, and how do you make good behaviour the \u2018easier one\u2019?\u201d explained Dan Ariely,\u00a0the renowned behavioural economist\u00a0and Professor of Psychology and Behavioural Economics at Duke University. 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