Wealth, Values and Legacy
Q7.
Wealth transfers involve not just assets but identity and expectations. How can behavioural science help families navigate the emotional dynamics involved?
The transfer of wealth is rarely just financial; it raises questions of identity, legacy, fairness and control. Family members often hold different assumptions about what money represents, shaped by their own experiences. Wealth creators may see the assets through the effort and risk that produced them, while inheritors often view the wealth more abstractly. As a result, each generation can relate to the same resources in very different ways.
Behavioural science suggests that the key is to make these differing expectations explicit before the transfer takes place. Structured conversations about values, intentions and concerns - while the stakes are still low - help prevent misunderstandings from solidifying into conflict. Discussing hypothetical scenarios is often more constructive than negotiating outcomes in moments of pressure. In many cases, a gradual transfer of responsibility can be beneficial. Allowing inheritors to engage with wealth in stages supports learning and the development of their own decision-making capabilities. The goal is not to impose the previous generation’s approach, but to create conditions in which the next generation can form their own thoughtful and informed relationship with wealth.
Q8.
And finally, what first drew you to behavioural science, and what continues to inspire you about understanding human behaviour?
I’ve always been fascinated by how individual decisions shape markets and society. Traditional economics didn’t explain what I saw in boardrooms and policy discussions - behavioural science did. It revealed that our mental shortcuts and emotional responses, far from being flaws, are predictable features of human cognition, and understanding them allows us to design better decision environments. As Chief Behavioural Officer, I witness the power of these insights daily. Organisations transform when they structure processes and choice architectures to work with human nature, not against it. The human mind fascinates me, not despite its quirks, but because understanding them helps create better outcomes whether in investing, strategy, or public policy.