Nudging Financial Behaviour: A Study of Behavioural Interventions

The quick development of digital financial services, mobile banking apps, and online investment platforms has made financial decision-making more difficult.Behavioural economics contends that psychological elements including emotions, habits, social conventions, and cognitive biases frequently impact financial behaviour, despite conventional economic theories' assumption that people make logical financial decisions.These behavioural factors may cause people to make inconsistent financial choices when it comes to investing, saving, and spending.The term "nudging," which was first used in behavioural economics, describes minor behavioural interventions that help people make better judgments without limiting their freedom of choice.The purpose of this study is to investigate how various behavioural interventions affect people's financial stress, savings habits, and financial decision-making.The study also looks at how digital platforms can be used to successfully offer behavioural nudges.A structured questionnaire was used to gather primary data from 90 respondents, and the Chi-square test and percentage analysis were used for analysis.The results emphasize how crucial behavioural treatments are for enhancing financial well-being by fostering better financial decision-making and financial discipline.