Merrill Edge has introduced an online app to encourage people to plan for their old age. ‘Face Retirement‘ helps users visualize what they’ll look like when they’re older by ageing a picture of them, hoping that this will prompt them to start preparing and saving now. Alok Prasad, head of Merrill Edge, said:
In a Stanford University experiment, people who saw age-enhanced images of themselves were more likely to save more for retirement, compared to those who weren’t exposed to their future selves. Face Retirement is designed to minimize that gap by giving consumers a preview of their future self, encouraging them to take control of long-term financial planning.
Users can input their age and gender and use a webcam to provide their image. They can then view images of what they’ll look like at various years in the future, preview forecasted costs of living, learn about options to begin saving, and share pictures of their future self on Facebook.