Want to save more for retirement? First, imagine your future self

It is not always easy to provide retirement, partly because for many people, there is no urgency.

New research indicates a solution: make the future feel closer.

“People are struggling to save for the future, and part of the reason people are fighting people to communicate with the future,” says Catherine Kristensen, an assistant marketing professor at Indiana University and the main author of the study. “We have asked, based on previous research, if people feel more connected to themselves in the future, is they likely to save?”

After conducting and analyzing a series of 20 experiments to test this hypothesis, Christnin says the answer is yes.

The research found that when we think about the future, more than 80 % of the time, we already start thinking about the present.

“What we did is mainly the heart of it,” says Christingen. Start thinking by imagining that future before you return your thoughts to the present time and savings goals that you need to face to achieve this.

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While the difference is accurate, it has been proven to motivate people to provide more. In one of the experiences of the research team with more than 6,700 customers of the Swedish Fintech company, people with low -balance accounts were 14 % more likely to invest in the long -term savings product when they received a notification of the language that led them to think about the future first.

“The claims were designed with a simple act of intentionally. “[We] There was a language similar to: “The year is 2034 … Return to 2024 and thought about saving for 2034,” he says.

While the research is designed to give institutions such as Banks Insights on how to make customers save more, Herstefeld says individual savers can apply their results using a similar formulation.

“The key here is to start in the future and return back, instead of the traditional approach to start now and enlarge to the future,” says Herstefeld.

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The authors of the new study were based on their hypothesis on the previous results that people view trips to unfamiliar sites longer than return trips. In other words, we imagine traveling home as soon as to travel to an unknown destination.

Kristensen says this cognitive facility occurs because uncertainty creates a mental distance. This means that people see that the uncommon is far from the ordinary. This is “the effect of returning to the home”, as scientists call it, applies to how we think in years as well as the Miles – a place where saving connection comes to future events or life stages.

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Kristensen says you are more likely to provide a future that feels a chic. “Since the present time is more confident than the future, we reduce the feeling of uncertainty” by consolidating the topics with a mental destination for a familiar reality today, “she says. “In our payment, you are moving mainly towards certainty.”

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Martha C White He is a business and financial writer in New York. It can be accessed on Reports@wsj.com.

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It appeared on March 10, 2025, printing printing in the name of “setting savings goals by photographing the future”.

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2025-03-19 11:00:00