Posts related to “savings”

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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.

Designing Better Retirement in Mexico

Aug 9, 2016 by David Munguía Gómez

Saving for retirement can feel like giving money to a stranger. Forgoing money in the present to benefit the person we will eventually become—our “future self”—is often a difficult and ungratifying experience. Because of this and other behavioral barriers like the ones we uncovered in Mexico, it should come as no surprise that most people … Read more.

Guest Post: FinLab Pushes Financial Health Agenda, One Challenge At a Time

Mar 4, 2016 by Financial Solutions Lab

This blog originally appeared on the CFSI/JP Morgan Chase Financial Solutions Lab Medium. ideas42 is proud to serve as a behavioral advisor to the Lab.  In New York, 22-year-old Sean had been using a savings app called Even for about eight weeks when he realized something that surprised him: by automatically saving his higher-than-average income, he’d … Read more.

A Pathway to Better Retirement in Mexico

Nov 10, 2015

It’s simply a fact that many products, policies, and services created specifically to benefit everyday people are either under-used or not used at all. Whether it’s helpful savings tools, financial aid for education, or comprehensive health insurance plans, many of us simply never enroll or use them despite intending to do so. So what’s going … Read more.

A New Model for Financial Education

Jun 16, 2015

Most car owners know that regular oil changes keep their cars running smoothly. Every few months, they visit their local dealerships, service stations or Jiffy Lubes and drive off 15 minutes later with the maintenance complete. But what if places like Jiffy Lube didn’t provide direct services? What if instead they hosted one-hour informational seminars … Read more.

How Behavioral Science Can Improve Financial Technology Innovations

Jun 11, 2015 by Eldar Shafir

Like many of us, I’m lucky enough to be able to manage my daily life while devoting just a sliver of my mind to looking after my personal finances. But for lower-income American households, navigating continuously challenging financial situations takes up a significant portion of their time, attention, and cognitive resources. Since we are all … Read more.

Behavioral Design Lessons for Improving Consumer Financial Health

Mar 30, 2015

Imagine you’ve been stuck in a meeting that ran into the lunch hour and you’re hungry—really hungry. You’ll focus on your hunger, craving whatever is closest and finding it tough to stick to long-term nutritional goals like maintaining low cholesterol. A very hungry version of you will also be more easily deterred by any short-term … Read more.