How Behavioral Science is Turning Spenders into Savers
Jason Zweig has written a really interesting article on why it is so difficult for people to set aside money for the long-term future. Stanford and other university economists, neuroscientists and psychologists are working on innovative ways to address this problem. One fascinating experiment creates an avatar (digital self-image) of individuals using software to “age-morph” a recent photograph. In one experiment young people who saw their elderly avatars indicated they would save twice as much as subjects that had not had a glimpse of their future self.
Read the entire article. Article Link
CFP® CAP®, CCO & Managing Partner, Senior Wealth Advisor