Does enhancing the vividness in connection with the future self increase savings behavior? A field experiment

Simple item page
dc.contributor.authorKausel, Edgar E.
dc.contributor.authorReyes, Tomas
dc.contributor.authorLarach, Francisco
dc.contributor.authorChacon, Alvaro
dc.contributor.authorEnei, Gonzalo
dc.date.accessioned2025-01-20T16:17:58Z
dc.date.available2025-01-20T16:17:58Z
dc.date.issued2024
dc.description.abstractIndividuals frequently struggle with the challenge of sufficiently saving for retirement, a problem that can significantly impact the quality of life for retirees. Numerous strategies have been devised to mitigate this issue, ranging from traditional methods such as monetary incentives and tax advantages to more innovative approaches aimed at strengthening the individual's connection with their future self. The latter, though theoretically promising, has not yet been field-tested. The underlying premise is that by amplifying the perceptual vividness of one's future self, individuals might be more inclined to make decisions in line with their long-term interests. This study evaluates this hypothesis through a field experiment involving 415 customers of an investment firm. Participants were randomly assigned into three groups: one without any future self-reference (the control group), a second group presented with a text referencing their future selves, and a third group that was given the same text along with a digitally-aged image of themselves. The results indicate that interventions cultivating a more vivid connection to their future selves increase individuals' intentions to save for retirement. This effect on intentions, however, only translated into a short-term, modest impact on the actual amount of money invested.
dc.description.funderANID/FONDECYTRegular
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.socec.2024.102204
dc.identifier.eissn2214-8051
dc.identifier.issn2214-8043
dc.identifier.urihttps://doi.org/10.1016/j.socec.2024.102204
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/90624
dc.identifier.wosidWOS:001226367600001
dc.language.isoen
dc.revistaJournal of behavioral and experimental economics
dc.rightsacceso restringido
dc.subjectFuture -self
dc.subjectSavings
dc.subjectBehavioral economics
dc.subjectNudges
dc.subjectRetirement
dc.subject.ods03 Good Health and Well-being
dc.subject.ods10 Reduced Inequality
dc.subject.ods01 No Poverty
dc.subject.odspa03 Salud y bienestar
dc.subject.odspa10 Reducción de las desigualdades
dc.subject.odspa01 Fin de la pobreza
dc.titleDoes enhancing the vividness in connection with the future self increase savings behavior? A field experiment
dc.typeartículo
dc.volumen110
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
Files
Collections
Artículos de revistas