What causes us to save for the future?

HOW TO MOTIVATE YOURSELF TO SAVE FOR RETIREMENT

Picture yourself in old age. When researchers showed people aged photographs of themselves, it made them more likely to want to save for retirement. Exposure to those images actually made people feel a bit closer to that self in the future.

In a 2011 study, after they were shown either an aged or current picture of themselves, the 50 participants were asked to allocate a hypothetical $1,000 among four choices: a retirement fund, checking account, fun and extravagant occasion, or to buy something nice for someone special. Participants who were exposed to the aged photo of themselves allocated more than twice as much money to the retirement account ($172) as those who viewed a rendering of their current appearance ($80).

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Jesse Alvarado
(562)822-5565