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Using comics to improve financial behaviour

Author

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  • Harcourt-Cooke, Claire
  • Els, Gideon
  • van Rensburg, Eugene

Abstract

Key terms to complex financial products are generally poorly understood and this can lead to financial distress for consumers that can impact their long-term financial well-being. Comics represent a viable solution to simplifying the way in which these products are presented, thus improving the comprehension of these terms. This study serves as a proof of concept for the use of comics in the financial services industry within the context of a funeral policy. A mixed-method experimental approach was used to show that comics help with perception and usability of a complex text policy document, thereby leading to increased uptake of the insurance product. As such, policymakers and stakeholders should consider comics as a promising alternative for the presentation of the terms of their products.

Suggested Citation

  • Harcourt-Cooke, Claire & Els, Gideon & van Rensburg, Eugene, 2022. "Using comics to improve financial behaviour," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    • Handle: RePEc:eee:beexfi:v:33:y:2022:i:c:s2214635021001581
    DOI: 10.1016/j.jbef.2021.100614
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    References listed on IDEAS

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    Cited by:

    1. Agasisti, Tommaso & Barucci, Emilio & Cannistrà, Marta & Marazzina, Daniele & Soncin, Mara, 2023. "Online or on-campus? Analysing the effects of financial education on student knowledge gain," Evaluation and Program Planning, Elsevier, vol. 98(C).

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    More about this item

    Keywords

    Quantitative Methods; Constant Relative Risk Aversion; Insurance; Behavioural​ economics; Behavioural finance; Comic visualisation; Experimental economics; Financial literacy; Visualisation;
    All these keywords.

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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