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Behavioral interventions in ESG investing: the impact of visual nudging and reflective questioning in a neobroker-based experiment – experimental design
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This thesis examines how behavioral interventions influence ESG investing in a neobroker environment. In an online experiment (n = 252), participants allocated €1,000 across ESG and non-ESG funds. A visual nudge increased ESG allocations by 6.8 percentage points but did not
reach statistical significance in the primary baseline model, whereas a reflective question testing the Question-Behavior Effect significantly increased allocations by 9.4 percentage points. Psychological measures show that the reflective question increased both ESG importance and salience during decision-making. These findings indicate that simple, low-cost interface interventions, especially reflective questioning, can meaningfully shift retail investors’ ESG investment choices.
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Behavioral finance Behavioral intervention Digital nudging ESG investing Neobroker Question-behavior effect (QBE) Retail investing Sustainable finance