Seeing Images Of Their Older Self Encourages People To Save
Researchers find that a computer program showing people an image of their future self motivates them to save more for retirement.
Researchers have found that young people may be willing to save more money for retirement if they are shown a virtual image of how they’ll look when they’re older. Hal Hershfield, assistant professor of marketing at NYU Stern, believes that the software can help to minimize the discounting of present decisions with future outcomes. The image of their future self gives young people a reality check and helps them imagine their retirement.
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