How Viewing a "Virtual You" Can Help You Save

Hugh Pickens writes "The WSJ reports that computer scientists, economists, neuroscientists and psychologists are teaming up to find innovative ways of turning impulsive spenders into patient savers. One way to shock Americans into saving more for their retirement is software that lets users stare into a camera in a virtual-reality laboratory and see an image staring back of how they will look in the year 2057. By enabling the young to see themselves as they will be when they are old, virtual-reality technology can transform their urge to spend for today into a willingness to save for tomorrow because to the extent that people can more vividly imagine how badly they will feel in the future with little to no retirement savings, they can be motivated to save more money now. In one test experimental subjects who saw a persuasive visual analog of a 70-year old version of themselves by morphing the shape and texture of his avatar to simulate the aging process reported they would save twice as much as those who didn't (PDF). 'An employee's ID photo could be age-morphed and placed on the benefits section of the company's website,' says Dan Goldstein of London Business School. 'From there, we're just a few clicks and a few minutes away from someone making a lasting decision that can be worth thousands [of dollars].'"

Good life

[neverforget]

What about the people who die before retirement? When you're putting money to retirement savings you're gambling it. It's also money off from investments that could make you a lot more. And of course, it's money off right away.

Why not stop caring about future and live now like it would be your last day on earth? That's what I've done for the last 2-3 years and it's been great. I've also done so many things during that time. And I will continue doing so and let the future me take care of himself. If he is even half as awesome as I am, he will survive and he will survive even better than if I took care of him.

Why on earth would I save?

[Colin Smith]

Saving? Are you insane?

Real inflation is hitting what? 8% per year. Anything I save is made worthless very quickly. It is handed over to the bankers. On the other hand, if I take out as much debt as is possible and then I get to pay it back in devalued currency.
 

Re:US-centric fear mongering

[Anonymous Coward]

I eat ramen now. Know what I'll be eating later?

My gun.

That's my retirement plan.