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Using comics to improve financial behaviour

Claire Harcourt-Cooke, Gideon Els and Eugene van Rensburg

Journal of Behavioral and Experimental Finance, 2022, vol. 33, issue C

Abstract: Key terms to complex financial products are generally poorly understood and this can lead to financial distress for consumers that can impact their long-term financial well-being. Comics represent a viable solution to simplifying the way in which these products are presented, thus improving the comprehension of these terms. This study serves as a proof of concept for the use of comics in the financial services industry within the context of a funeral policy. A mixed-method experimental approach was used to show that comics help with perception and usability of a complex text policy document, thereby leading to increased uptake of the insurance product. As such, policymakers and stakeholders should consider comics as a promising alternative for the presentation of the terms of their products.

Keywords: Quantitative Methods; Constant Relative Risk Aversion; Insurance; Behavioural​ economics; Behavioural finance; Comic visualisation; Experimental economics; Financial literacy; Visualisation (search for similar items in EconPapers)
JEL-codes: C25 C91 D11 G22 G41 G53 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:33:y:2022:i:c:s2214635021001581

DOI: 10.1016/j.jbef.2021.100614

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