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There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.

Thursday, 19 January 2012

Could a family photo be the secret to doubling your saving? How our emotions affect money matters (via This is Money)

The National Employment Savings Trust (NEST) has been set up to encourage Britons to save for retirement.

From October, large firms, will have to automatically enroll employees into a pension - they must actively opt out. It will later extend to all companies.
NEST is the not-for-profit scheme available to all employers and is at the forefront of trying to understand how to make people save more. Helen Dean, managing director of scheme development (pictured right), reveals some of the tricks of 'behavioural finance' .

Parents asked to set aside savings in an envelope labelled with a picture of their children saved at nearly double the rate of those parents whose envelopes didn’t have a picture of their kids, in a research experiment carried out in the US.
Having clear ‘pots of money’ in your head and attaching different feelings to those pots, is one aspect of how most people tend to deal with money.

If you have 5m, you can check the artcle here: FamilyPhotoSaving

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