BEHAVIOURAL STUDIES: ENCOURAGING MALAYSIAN FINANCIAL RESILIENCE
Perbadanan Insurans Deposit Malaysia (PIDM) and The Behavioural Insights Team (BIT) have collaborated to identify behavioural insights around savings and insurance behaviours among Malaysians.
Globally, emergency savings is increasingly recognised as an important pillar to build the financial resilience of people against unexpected life shocks and financial stress. However, people face many practical challenges, including behavioural barriers to savings. PIDM and BIT collaborated to identify behavioural insights around savings behaviours that could help Malaysians better withstand financial shocks in the future. Our findings are presented in the form of a literature review on behavioural science research on savings, as well as a report outlining results and key recommendations from a survey and behavioural economics experiment. Read more here.
Insurance is important for protection against life’s unexpected events, and an important component of financial resilience. While many acknowledge this, various factors including behavioural barriers may influence whether such an insurance is taken up or not. PIDM and BIT collaborated to gain insights around the behaviours of urban millennials in Malaysia in respect of long-term insurance (life and health), and explores possible interventions to encourage its uptake. Our findings are presented in the form of a literature review on behavioural science research on insurance, as well as a report outlining results from a survey, framed field experiment and key recommendations. Read more here.