Catalysts for Change

Knowledge Influencers and Behavior Influencers are two broad categories of activities intended to impact individuals’ knowledge and behaviors.

Knowledge Influencers

Knowledge Influencers seek to bolster financial capability through strengthening financial knowledge and decision-making skills. It cannot, however, overcome access issues (which require policy or innovation).

A variety of engagements implemented with the purpose of increasing the individual’s overall financial knowledge and decision-making skill or to inform them about a specific, narrow topic.

There are two main types:

• Financial Education
• Financial Information and Tools

Behavioral Influencers

Behavioral Influencers seek to directly impact an individual’s decisions and behaviors, including compensating for certain idiosyncratic factors. Behavioral influencers may have an upstream effect on knowledge and decision-making skills, but their goal is not explicitly to bolster that element of the individual’s experience.

A variety of interventions and modalities implemented with the purpose of helping an individual make a decision or cultivate desired behaviors.

Behavioral influencers include informational interventions (e.g., just in time), nudges and choice architecture, expert advice or guidance (e.g., from certified financial planners) and financial coaching or therapy (including psychoeducational groups).

Fintech innovations and apps designed to impact behavior or decisions also are included here.