MALG member the Money Advice Trust has partnered with social enterprise Behaviour Change to publish ‘Nudging Tools for Money Advisers: a behaviour change toolkit for the money advice sector’ as part of their Innovation Grants Programme.
The toolkit provides team leaders, advisers and managers in the money advice sector with six practical ideas inspired by behavioural science to enhance their money advice services. The materials have been developed via a series of workshops and tested in collaboration with four housing associations – Hyde, Hexagon, Affinity Sutton, and Southern – and are intended to make it easier to engage with clients who have debt issues.
The tools can be used as they are or be adapted to fit into existing processes. They are:
- Envelope stickers – encouraging people to open the letters they receive from money advisers by making them look less ‘official’.
- Case study cards – featuring stories of people who have experienced money issues and resolved them with the help of their advisers.
- Case study videos (as above).
- Text message suggestions – to help make text communication with clients more engaging.
- Action cards – reminding clients of specific actions they need to take.
- Action chart – helping clients to track their progress.
The tools are inspired by the following 12 principles for engagement developed through work with the London Housing Financial Inclusion Group:
- Communicate services clearly and simply
- The words you use really matter
- Think about who’s delivering the message
- Allow people to choose from a range of different channels to access help
- Don’t make people feel singled out or marketed to
- A relationship of trust must be built with care over time
- Acknowledge that it’s common to have money issues
- Focus on aspirations, don’t just talk about problems
- Allow time for people to tell their story
- Home in on people’s specific challenges rather than offering generic advice
- Help people experience success, however small at first
- Capitalise on moments of change such as moving in or becoming a parent
Download the Better Money Behaviours Report for background and the Nudging Tools for Money Advisers toolkit for more detail.