Wednesday, March 30, 2011

Face Aging Simulation Increases Retirement Savings

Meet 'Future You.' Like What You See? reports on a fun study:

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Tessa Price, a 22-year-old college senior, is gazing into a mirror in a virtual-reality laboratory at Stanford University. Looking back at her is Tessa Price—at the age of 68.

Staring into a mirror today and seeing yourself as you will look in the year 2057 is unnerving. But that may be just what it takes to shock Americans into saving more. At Stanford and other universities, computer scientists, economists, neuroscientists and psychologists are teaming up to find innovative ways of turning impulsive spenders into patient savers.
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They found that by showing people pictures of what they might look like in fifty years they were more likely to increase how much they saved.

I wonder how long this will last?

Hat tip: FuturePundit via Instapundit

2 comments:

Happy Elf Mom said...

I think when we have such a teen-centric society, that we devalue older folks and that has to figure into it. Could teens be at the point where they don't WANT to be kind to their future selves? Why not spend money on their *cute* selves now?

Or, maybe teens think social security will really be there and that no one lets old folks go homeless?

Henry Cate said...

"Or, maybe teens think social security will really be there and that no one lets old folks go homeless?"

I am afraid that many young people today see government welfare as the natural state of society and expect to always be there.

Sad.