Q&A with Zuper's Chief Behavioural Officer: an expert in healthy and unhealthy financial behaviours
With new boutique fund, Zuper, set to launch next month, we catch up with recently appointed chief behavioural officer, Kris White, to find out more about his role and why he is "in awe" of Zuper's mission. Kris tells us the key to empowerment is to 'know thyself'. For example, did you know that around 90% of our decision making is influenced by sub-conscious factors that we have absolutely no awareness of? Neither did we! The self-confessed 'cultural nomad' also shares his learnings from a program to end racism, his greatest influencers, and some sage advice from his dad.
With new boutique fund, Zuper, set to launch next month, we catch up with recently appointed chief behavioural officer, Kris White, to find out more about his role and why he is "in awe" of Zuper's mission. Kris tells us the key to empowerment is to 'know thyself'. For example, did you know that around 90% of our decision making is influenced by sub-conscious factors that we have absolutely no awareness of? Neither did we! The self-confessed 'cultural nomad' also shares his learnings from a program to end racism, his greatest influencers, and some sage advice from his dad.
What attracted you to Zuper?
Working with the Zuper team from the beginning, I've been in awe of their mission and thinking. They understood that old superannuation was broken and needed to evolve if it was going to help and empower people. Talking about society, technology and the future of finance in the same breath as superannuation has been exciting. As a behavioural psychology researcher, this is a great mission for me to work on.
As Chief Behavioral Officer, what does your role entail both in a typical day and on a larger scale?
I work with the team to understand what's driving people's healthy and unhealthy financial behaviours, so we can help them make better decisions for their wealth. There's a mix of jamming in the office with the team and then I'm also out and about a lot observing people, conducting interviews with people and reviewing the latest psychology research.
What are some of the ways that you're working with the Zuper team to attract members?
I'm preparing some surveys and quizzes which people can take to help them understand their relationship with money and wealth. 'Know thyself' is key in our approach to empowering people but it's just the beginning. I'm also conducting workshops for others in the financial services space to help them understand people's financial behaviours. We're pretty generous with our knowledge and share a lot. Most excitingly we're about to embark on some pioneering ethnographic inter-generational research. Stay tuned!
In your opinion, do you think traditional funds will soon follow suit and recruit for similar roles as we see changes to the industry?
Across most industries, everyone wants 'Behavioural economists' now, however, companies have to be prepared for the challenging insights and advice that comes from working with one. Interestingly, it's the governments around the world that have been way ahead of business in understanding the value of behavioural psychology. The realisation that most of our assumptions and understanding of why we do the things we do has been completely wrong can be confronting and difficult for some to accept. Do you know that around 90% of your decision making is influenced by sub-conscious factors you have absolutely no awareness of? That's your health, finances, shopping, relationships etc.
Can you tell us a little about your time working in the Kurdistan region of Iraq?
I worked with a great company called YouGov Special Projects. We were focused on understanding public opinion and listening to the views of people all across society. Like the company says, "it's what the world thinks". Beyond the work that I did there, I also enjoyed the different perspective that I gained from working within a different culture. I'm a bit of a cultural nomad now. The Kurds and Iraqi's are wonderful people who have an incredible history. There's much we can learn from each other. Despite the problems, they have a bright future.
What was the greatest lesson that you took from your time volunteering for All Together Now, a program that embraces cultural diversity with a vision to end racism in Australia?
Yeah, good question. One thing I've learnt is how we can be so blind to our own biases. Even people who are very well intended can unconsciously be doing things such as perpetuating stereotypes, generalising, belittling and hurting someone. I heard this great term recently called 'micro-aggressions'. It's when comments have a hidden or implicit aggression or prejudice in them which are only obvious to the person being spoken to. The speaker doesn't mean to, but at some level, it suggests there are some biases or perhaps ignorance in what they are saying. 'The road to hell is paved with good intentions'. Again, that's what I love about behavioural psychology. We can become more aware and therefore better people.
What's the best piece of advice that you have received?
My dad often used to tell me, 'This too will pass'. Wikipedia says it's "a Persian adage reflecting on the evanescence, or ephemerality, of the human condition."
Who has had the biggest influence on your life/career so far?
All of them have been my bosses and colleagues. I've had about three or four key people who have all been mentors for me. I think one of the interesting things is that they probably don't know that they were. It's amazing the effect that we can have on others and be oblivious to. I'll send this article to them so they know.
What was your very first job?
After my job as a paper delivery boy in my neighbourhood (great job by the way), I started in social research at a company in Perth conducting qualitative research with the general public about issues like tax, health, driving, drugs and drinking, mental health. Brilliant job.
What's something that most people don't know about you?
Ahh, I'm gonna flip this around - "What is something I don't know about myself?" There's a model called the Johari Window, look it up. The really interesting stuff in life, and opportunities for us to grow all sit in the things that are hidden from ourselves.
