Worry and guilt don't work — people need to use visualize old age to be prompted to save for retirement. (Photo: Shutterstock)
Credit creative visualization: When people are asked to imagine how they'll be living in retirement, they get motivated to save more.
To determine motivations that drive retirement savings—and to see if people can be motivated to save more — a survey from Capital Group conducted an experiment.
Half of the survey respondents were asked to envision the lives they want to lead in their 60s, 70s and 80+ years before figuring out what percent of each paycheck to save in a retirement plan, while the other half were only asked how much they wanted to save for retirement.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
