A picture of Neil Stewart

Where credit's due: Neil Stewart is a finalist in the Economic and Social Research Council's Celebrating Impact Prize 2024

Research on how nudges can help people pay off their credit card bills quicker has been named as a finalist by one of the UK’s biggest funding bodies. 

The Economic and Social Research Council (ESRC) chose Neil Stewart’s study on credit card repayments, which he has done with the Financial Conduct Authority (FCA), as one of eight finalists for its Celebrating Impact Prize 2024. 

The winner collects £10,000 to spend on further knowledge exchange, public engagement or other communications activities, while all finalists will have a film made about their work and its impact. 

An awards ceremony at the Royal Society in London on November 20 will announce the winner. 

Professor Stewart, who is Pro-Dean (Research, Engagement & Impact) at WBS, said: “Our research is about using behavioural science to solve real world problems. It is really great, and an honour, to have this research recognised. 

“Many breakfasts ago, I opened my credit card bill and wondered whether the minimum payment on my bill was as helpful as it looked. After analysing millions of credit card statements and running a set of randomised controlled trials, it turns out that minimum payments make people repay less of their credit card bill than they otherwise would.  

“We launched a research programme in collaboration with the credit card industry and the Financial Conduct Authority. The culmination is a series of changes to the regulation of the credit card market that have saved UK credit card users hundreds of millions of pounds.”   

The ESRC Celebrating Impact Prize is now in its 12th year. The prize is an annual opportunity to recognise the success of ESRC-funded researchers in achieving and enabling outstanding economic or societal impact from their research. 

In 2024, ESRC will award prizes for: 

  • Outstanding Business and Enterprise Impact 

  • Outstanding Early Career Impact 

  • Outstanding International Impact 

  • Outstanding Public Policy Impact 

  • Outstanding Societal Impact 

ESRC Executive Chair Stian Westlake said: “The Celebrating Impact Prize is the Economic and Social Research Council’s way of recognising the remarkable achievements of the UK’s outstanding economists and social scientists. 

“These researchers have made valuable contributions in many fields. They have helped to ensure people’s legal and human rights are better protected, while showing us that there may be new and better ways of organising our working lives. 

“I am proud that the Economic and Social Research Council has funded these valuable projects, and that we have the opportunity to celebrate the significant impact achieved.” 

Further reading:

Is your credit card statement nudging you into more debt

Why using direct debits may add to your credit card bill

Auto pensions enrolment: How it improves credit scores