Beyond nudging: Three ways to stop client self-sabotage

There are two types of financial psychology: the 'nudging' theory, which seeks to align consumer intention with their behaviour, and the theory of planned behaviour, which goes beyond nudging and looks at the reasons behind the way consumers deal with their money. Morningstar's resident psychologist Sarah Newcomb looked at the three underlying elements dictating people's choices with their money and how advisers can help.   1 Stories People constantly tell themselves stories based on their experience from a very young age, which influence their day to day financial decisions, said...