Research shows that natural habits of thought are a common thread in the human decision-making process – and this can have big effects down the track.
Guide to the future
The Think Forward Initiative, a multi-year project of which ING is a sponsor, aims to gain a deeper understanding of the behaviour behind financial decision-making. The ambition is to harness those insights to help people make financial decisions that are better for them, and ultimately better for society.
eZonomics has put together nine of the best quotes from economists and thought leaders attending ING’s first Think Forward Initiative summit in Brussels in February 2016.
David M Brear, chief thinker at Think Different
"Make every decision like you are making it forever - but live it like you are making it for now."2
Michael Haliassos, director of the CEPR Network on Household Finance
"Household finance deals with important challenges, risks and choices we all face, even if we form an orderly household of one!"3
Noreena Hertz, renowned economist and best-selling author
"When a monkey throwing a dart can predict the future as well as an 'expert', maybe it's time to have the courage to rely less on the experts and just make up our own minds."4
Annamaria Lusardi, award-winning economist and academic
"Levels of financial literacy around the world are simply too low. We need to step up the effort for financial literacy."5
Dan Goldstein, principal researcher at Microsoft Research
"The battle between the present and the future self is an unequal battle. The present self takes action with strong arms. The future self is weak and distant. It has no advocate."6
Bram de Rock, professor at Université Libre de Bruxelles
"Understanding household (financial) decisions requires a better knowledge of the household composition."7
Monica Woodley, editorial director of thought leadership at The Economist Group
"Pensions and innovation are not usually two words you would put together, as the first generally makes people yawn while the second makes people think of whizz-bang gadgets like iPads. That thinking needs to change."8
Nathalie Spencer, senior researcher in the RSA's Social Brain team
"Despite good intentions, some of our natural social-psychological tendencies make it hard to manage money well today and for the future. We should be designing products and education to work with these tendencies rather than against them."9
Danièle Vander Espt, vice president of financial education at FSMA
"Financial education is not about learning about products. It's about developing a critical sense about money matters."