Common Cents Lab Opens Applications for 2018 Financial Services Cohort
Lab seeks partners to create behavioral interventions that improve financial decision-making for low- to moderate-income people in America
San Francisco, CA and Durham, NC – Oct 6, 2017 – Common Cents Lab, a financial research lab at Duke University supported by MetLife Foundation, today announced that it is accepting applications for its 2018 behavioral design partners.
Each year, the lab collaborates with chosen financial services providers to custom design, test, and launch new features and products that aim to increase financial well-being for 1.8 million low- to moderate-income (LMI) households in America.
“Over the past two years, we have shown that behavioral interventions can influence positive, measurable improvements in financial well-being,” said Common Cents founder, Behavioral Economics Professor, and New York Times bestselling author Dan Ariely. “We will work closely with this next group of partners to design interventions and products that take advantage of human nature to produce better financial decisions and improved financial health.”
In 2017, Common Cents partnered with a mix of top fintech companies, financial nonprofits, and innovative credit unions to increase short- and long-term savings, improve access to credit, and better manage debt and cash flow.
“Common Cents Lab has added rigor to the way in which we build new features that improve our users’ lives,” said Jimmy Chen, CEO of 2017 cohort member Propel, a startup that helps food stamp recipients manage their benefits.
The Common Cents approach to designing financial interventions is informed by a three-step process for behavioral diagnosis that includes identifying the specific and desired key behaviors, removing the barriers impeding that behavior, and then amplifying the benefits of that behavior.
“MetLife Foundation believes that behavioral science can help improve financial well-being around the world. We’ve partnered with Common Cents Lab because they are a leader in this field. For the past two years, we’ve seen them work closely with fintech companies, credit unions, and non-profits to design and deliver products and services to low-income individuals that are making it easier for them to achieve their financial goals,” said Evelyn Stark of MetLife Foundation.
About The Common Cents Lab
The Common Cents Lab, supported by MetLife Foundation, is a financial research lab at the Center for Advanced Hindsight 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 lab is led by famed Behavioral Economics Professor Dan Ariely and is comprised of researchers and experts in product design, economics, psychology, public policy, advertising, business administration, and more.
To fulfill its mission, Common Cents partners with organizations, including fintech companies, credit unions, banks, and nonprofits, that believe their work could be improved through insights gained from behavioral economics. To learn more about visit Common Cents Lab.
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 $744 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. In 2013, the Foundation committed $200 million to advancing financial inclusion and has reached 3.5 million low-income people in 39 countries to date.
To learn more about MetLife Foundation, visit www.metlife.org.