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abstract

Socially-Informed Sorting for Guiding Personal Finance Choices

Authors:

Oded NovAuthors Info & Claims

CHI EA '20: Extended Abstracts of the 2020 CHI Conference on Human Factors in Computing Systems

Pages 1 - 9

https://doi.org/10.1145/3334480.3382898

Published: 25 April 2020 Publication History

Abstract

Planning for personal financial security is complex, and better-informed investors are likely to make better investment choices. However, the number of alternatives presented by most personal finance platforms pose novices a dual challenge of choice overload coupled with a lack of domain knowledge. We present a study investigating socially-informed sorting, in which users are offered subtle guidance in the form of visual and textual cues that aim to encourage information-seeking when choosing between large numbers of options. We evaluate this approach in an online experiment in which participants go through ten rounds of retirement saving budget allocation, making choices among 77 different funds. While we found that this technique increased novice investors' information-seeking, and offered significant benefit in terms of return performance, it may also be detrimental for more experienced investors. We discuss these findings in light of prior research.

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Cited By

Rohanifar YSultana SNandy SSaha PChowdhury MAl-Ameen MAhmed S(2022)The Role of Intermediaries, Terrorist Assemblage, and Re-skilling in the Adoption of Cashless Transaction Systems in BangladeshProceedings of the 5th ACM SIGCAS/SIGCHI Conference on Computing and Sustainable Societies10.1145/3530190.3534810(266-279)Online publication date: 29-Jun-2022
https://dl.acm.org/doi/10.1145/3530190.3534810

Index Terms

Socially-Informed Sorting for Guiding Personal Finance Choices
1. Human-centered computing
  1. Human computer interaction (HCI)
    1. Empirical studies in HCI

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Published In

cover image ACM Conferences

CHI EA '20: Extended Abstracts of the 2020 CHI Conference on Human Factors in Computing Systems

April 2020

4474 pages

ISBN:9781450368193

DOI:10.1145/3334480

General Chairs:
Regina Bernhaupt
Eindhoven University of Technology, Netherlands
,
Florian 'Floyd' Mueller
Monash University, Australia
,
David Verweij
Newcastle University, UK
,
Josh Andres
RMIT, Australia
,
Program Chairs:
Joanna McGrenere
University of British Columbia, Canada
,
Andy Cockburn
University of Canterbury, New Zealand
,
Ignacio Avellino
University of Maryland Baltimore County, USA
,
Alix Goguey
Grenoble Alpes University, France
,
Pernille Bjørn
University of Copenhagen, Denmark
,
Shengdong (Shen) Zhao
National University of Singapore, Singapore
,
Briane Paul Samson
Future University Hakodate, Japan & De La Salle University, Philippines
,
Rafal Kocielnik
University of Washington, USA

Copyright © 2020 Owner/Author.

Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.

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SIGCHI: ACM Special Interest Group on Computer-Human Interaction

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 25 April 2020

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CHI '20

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SIGCHI

CHI '20: CHI Conference on Human Factors in Computing Systems

April 25 - 30, 2020

HI, Honolulu, USA

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Overall Acceptance Rate 6,164 of 23,696 submissions, 26%

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CHI 2025

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ACM CHI Conference on Human Factors in Computing Systems

April 26 - May 1, 2025

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Cited By

Rohanifar YSultana SNandy SSaha PChowdhury MAl-Ameen MAhmed S(2022)The Role of Intermediaries, Terrorist Assemblage, and Re-skilling in the Adoption of Cashless Transaction Systems in BangladeshProceedings of the 5th ACM SIGCAS/SIGCHI Conference on Computing and Sustainable Societies10.1145/3530190.3534810(266-279)Online publication date: 29-Jun-2022
https://dl.acm.org/doi/10.1145/3530190.3534810

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