Key points are not available for this paper at this time.
Purpose This study aims to explore possible behavioural change venues, beyond the traditional approach to financial education, using the capability-opportunity-motivation behaviour theoretical framework of behavioural change. Design/methodology/approach The study included 45, semi-structured, in-depth interviews of young adults to explore which elements of financial behaviour formation should interventions target to be effective. Findings To strengthen capability, the study recommends behavioural education and training for boosting financial knowledge and skills, enablement of financial independence and modelling for empowering self-control and reducing impulsiveness. To boost motivation, gamification of modelling is advised for boosting responsible financial behaviour as part of the identity and inducing consideration of future consequences. Persuasion is advised for inducing positive emotions while incentivization and coercion are advised for empowering self-conscious intentions. To rise opportunity, the study proposes incentivization and coercion imposed by parents, and governmental efforts regarding restriction, enablement and environmental restructuring. Practical implications The study brings recommendations for developing efficient interventions for strengthening responsible financial behaviour that may help design type-specific education programmes to promote responsible financial behaviour. Originality/value The present study attempts to explore new venues in intervention design that break away from the traditional approach of financial education focused on knowledge and skills that is proven to be ineffective
Lučić et al. (Mon,) studied this question.