Posts related to “savings”

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Saving Made Easier with the Financial Health Check

Feb 28, 2018 by ideas42

Building a savings cushion is easier said than done. Irregular cash flows and unpredictable expenses make it difficult to determine how much to save. After surveying balances across accounts and projecting future bills, you still have to either make a trip to the bank or navigate an online portal to actually move money into a … Read more.

21 Million Paths to a More Secure Retirement

Feb 8, 2018 by Juan David Robalino & Andrew Fertig

Retirement savings are a serious challenge in Mexico. With a low overall participation in the formal pension system and one of the highest rates of elderly poverty in the region, it is essential for workers to make voluntary savings to ensure their financial health during retirement. Unfortunately, less than 1% of account holders actively save … Read more.

Building Financial Health: There’s an (Unused) App for That

Dec 18, 2017 by Maddie Kau & Abigail Kim

Cashing a check seems like a simple task. But in practice, it involves many small, hassle-ridden steps that take time and energy: planning when to go, finding a nearby ATM or retail location, remembering to bring the check, traveling to the location, and waiting in line. Fortunately, most banks now offer mobile deposit, allowing customers … Read more.

Learning Behavioral Design, Part 3: 5 Lessons for Applying Behavioral Design to Programs

Oct 30, 2017 by Vivien Caetano, Katy Davis, & Erin Sherman

It’s one thing to read about behavioral science or attend a one-time training on how it’s been used to improve programs. It’s another to take those insights and apply them to the real world yourself. That was the driver behind our Behavioral Design Project for Promoting Financial Health, in which 11 organizations actively learned behavioral … Read more.

The Feedback Card: Real-Time Budgeting for Real People

Jul 25, 2017 by Hyunsoo Chang & Will Tucker-Ray

Millions of Americans struggle to manage their complex finances, even with countless budgeting tools that exist to make the process easier. The myriad of features included in these kinds of tools can even add to the complexity, and they often don’t account for the limited time and attention that people experience in real life. That’s … Read more.

What’s Stopping Chileans from Saving

May 8, 2017 by David Munguía Gómez

Saving money is important not only for long-term needs like retirement but also for expenses in the short term. This is because incomes and expenses are not always constant, and people can’t necessarily predict when they will need more cash. A reliable savings cushion is critical when people encounter large, unexpected costs or lose their … Read more.

Financial Literacy Month…with a Behavioral Twist

Apr 24, 2017 by Katy Davis

As an unabashed finance nerd, I love a good tip about how to improve my financial health. I always look forward to April, Financial Literacy Month, for a flood of recommendations. Managing personal finances is hard, and recent research suggests that a huge proportion of Americans, not just those at the lower end of the … Read more.

Boost Savings in Chile: We’re Banking on Behavioral Science

Feb 2, 2017 by David Munguía Gómez

Many of us are aware of the usefulness of “rainy day” savings—what we set aside for emergencies and other unforeseen expenses that creep up on us all. Those savings are in addition to those we accumulate to accomplish larger goals we may have like buying a house or planning for retirement. But understanding the importance … Read more.

One Year Later: Behavioral Design in the Mexican Retirement System

Nov 2, 2016 by Marcela Cheng & Andrew Fertig

For millions of people around the world, the consequences of inadequate retirement savings are devastating. The problem is widespread even in countries with formal systems of mandatory contributions to individual retirement accounts. In Mexico, these mandatory contributions amount to less than 40% of a worker’s salary during retirement, and few people make the additional (voluntary) … Read more.

Cocoa Farmers Grow Their Savings

Aug 29, 2016 by Alex Blau

Since her husband passed away a few years ago, Marwah has taken care of her family’s cocoa farm all by herself. She is motivated by a promise she and her husband made to help finance their youngest son’s college education. But like many who manage small cocoa farms in Indonesia, Marwah struggles to save money. … Read more.