Announcing applications for 2017 CommonCents partners
SAN FRANCISCO, CA Oct 7, 2016 —Common Cents Lab is pleased to announce that it is accepting applications for new partners for 2017.
Common Cents, supported by MetLife Foundation, is a financial research lab at Duke University that creates and tests interventions to help low-to-moderate income households increase their financial well-being. Common Cents leverages research gleaned from behavioral economics to create interventions that lead to positive financial behaviors.
The Common Cents Lab is part of the Center for Advanced Hindsight at Duke University. Common Cents is comprised of researchers and experts in product design, economics, psychology, public policy, advertising, product design, business administration, and more. The lab is led by famed Behavioral Economist Professor Dan Ariely. Dan has written three NYT best sellers, including Predictably Irrational.
To fulfill it’s mission, Common Cents partners with organizations, including fintech companies, credit unions, banks and non-profits, that believe their work could be improved through insights gained from behavioral economics. Our partners have the opportunity to work 1:1 with behavioral scientists at Common Cents to find and test solutions to many of our financial decision making challenges.
We will be accepting 5 financial institutions and 5 fin tech companies providing solutions that help low to moderate income Americans:
- Improve their cash flow management
- Decrease expenses
- Decrease debt
- Increase short-term savings
- Increase long-term savings
Since January of 2016, Common Cents has partnered with 14 organizations to design and test interventions that help Americans improve their financial health.
These current partners include: AARP, Digit, EarnUp, Gusto, Payable, Propel, RetireMap, RobinHood, Credit Union 1, Duke Federal Credit Union, Latino Community Credit Union, Self-Help Credit Union, GreenPath Financial Wellness
“Partnering with Common Cents has been instrumental in helping us develop features to drive substantial savings for our customers,” said Ethan Bloch, Founder and CEO of Digit.
“We have been excited to see how the Common Cents Lab is applying behavioral insights to design, test and create solutions that can help people improve their financial health,” said Evelyn Stark, head of MetLife Foundation’s Financial Inclusion portfolio. “We are pleased to be partnering with such an innovative organization and look forward to seeing more solutions that can put healthy financial behaviors into practice.”
Our recent work has been highlighted in Forbes, Scientific American, PBS News Hour and WSJ.
- How to reframe savings: we’re more attracted to “earning money” than saving it
- How one coin motivated more savings than a 20% match: A counterintuitive way to increase savings
- How should income be reported? The one small change that can increase how much we save for retirement.
- The financial lives of freelancers
- Why don’t people manage debt better?
- A clever study that helps understand our spending habits
- Dan Ariely on how and why the CommonCents lab came to be: PBS News Hour
Starting today, organizations interested in partnering with Common Cents can complete and submit an application on or before October 28th.
Applications are due on Friday, October 28 at 5:00pm PST
Interested in learning more about the lab and the partnership possibilities? There will an hour webinar on Oct 17th at 12pm PST and 3pm EST. Sign up here.
About Common Cents and Center for Advanced Hindsight
The Duke Center for Advanced Hindsight, led by Dan Ariely, is a leading academic institution committed to studying, designing, testing and implementing behavioral interventions that help people be happier, healthier and wealthier. Through its work, insights and variety of projects, the center aims to change the small details in the environment that will lead to big behavior change. The Common Cents Lab is focused on financial decision making and is supported by MetLife Foundation. The Foundation aspires to help people build a better tomorrow through access to the right financial tools and services. For more on Common Cents, go to commoncentslab.org and follow us on Twitter at @commoncentslab
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2015, MetLife Foundation has provided more than $700 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.