Information about finances helps us make financial decisions

Disclosing more information about ourselves can help make better decisions

IndustryFinancial Products
Reading time1 min read

Intervention Description

The authors tested the effects of mandated disclosure of information as a mechanism to promote people to take action. In this study, disclosing personal financial information helped loan borrowers make smarter decisions by reducing the take-up of payday loans and lowering their use of high-cost debt. This suggests that consumer information regulations could aid the regulation of payday borrowing and other financial situations.

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Sources

Bertrand & Morse (2011), Information disclosure, cognitive biases, and payday borrowing, Journal of Finance

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