OK, it seems obvious, but a recent study in the Journal of Marketing Research has shown that being confronted with “future reality” can help motivate people to significantly improve their retirement savings.
They got the results by taking a group of students and having some of them look in the mirror while the rest looked at an image of their 65-year-old self. The students were then asked to allocate a $1,000 windfall.
Unsurprisingly, those that had seen their older selves staring them in the face allocated more than twice as much money to retirement as the others.
While it might …Read More