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[wesconsortiumcanadainc]

A Massive Threat to Having a Pessimistic Future Outlook

A Massive Threat to Having a Pessimistic Future Outlook

Excerpted from Be Your Future Self Now. Bryan, C. J., & Hershfield, H. E. (2013). You owe it to yourself: Boosting retirement saving with a responsibility-based appeal. Decision, 1(S), 2. Greene, R. (2010). The 50th law (Vol. 1). Profile Books. Hershfield, H. E., Goldstein, D. G., Sharpe, W. F., Fox, J., Yeykelis, L., Carstensen, L. L., & Bailenson, J. N. (2011). Increasing saving behavior…

[mumboojjumbo]

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[gezmenadam]

Dünyanın sonu gibi bir yer burası ama biliyorum ki daha başındayım tüm o yolların ve gidilecek çok yol var yürünmeyi bekleyen... . . . 🌍 GezmenAdam.com 👍 Facebook: gezmenadam 🐦Twitter: gezmenadam 📽️ Youtube: cemalcolak #gezi #gezgin #yolculuk #yolhikayesi #kamp #cadir #kamphayati #doğa #wanderlust #otostop #gezirehberi #nereyegidelim #yolda #yoldaolmak #gezmen #gezmenadam #tur #cemalcolak #gökçay #radiowanderlust #yeyks #russia #sahil #beach (Yeysk, Krasnodarskiy Kray, Russia) https://www.instagram.com/p/B1EygDwhGvF/?igshid=1miht8m3o1an6

[sherriarty]

merlinsearsarebeloved replied to your post Guys, king Odin is joining Comic Con (alongside...

the one in wales?

yes, the one in Wales :’)  it seems there’s still chance to have more people from the Merlin cast at this con hence they’re revealing the guests slowly. Yeyks :) even if not, it’s already more than enough :3 Merlin fandom is aliiiive :’D

[cowryconsulting-blog]

HOW CAN LEICESTER CITY HELP US TO SAVE MORE FOR RETIREMENT?

A Leicester City fan, who stood to win £250,000 from a £50 bet on his team winning the Premier League, cashed out for £72,000. But how can understanding this behaviour help us to save for retirement?

Being from Leicester myself, I couldn’t help but get swept up in the recent excitement of the Premier League. After all, who could have predicted that with odds of 5000-1, Leicester City would win? One lucky Foxes fan stood a chance of winning £250,000, so why did he cash out early with winnings of £72,000? It all comes down to two things. Firstly, people feel the impact of losses twice as strongly as they enjoy acquiring equal gains, a cognitive bias known as loss aversion. The prospect of losing £50 may cause some pain, however, the thought of losing £72,000 is much greater.

Secondly, empathy gap is the tendency to underestimate just how strongly the influence of emotions and urges will impact our future decisions. As a result, how we think we will act and how we actually act can vary dramatically. For example, upon placing the bet, the fan was in a “cold” emotional state (calm, rational and objective) and understanding the odds, he would have been confident that he could hold out for the £250,000 in the event that Leicester was on a winning streak.  However, when Leicester exceeded expectations and the fan was in a “hot” emotional state (stimulated and excited), the lack of certainty and prospect of losing a lot of money became too much and he took the smaller payout of just £72,000.

Put simply, we lack the imagination to visualise what life is like in our future-self’s shoes. Ersner-Hershfield, Wimmer & Knutson (2009) explained this behaviour using fMRI (functional magnetic resonance imaging). They found that thinking about your future-self actually activates the same neural pathways that are triggered when thinking about a stranger. This lack of connection with our future selves leads to our inability to act confidently.

So how does this relate to pensions? Both loss aversion and empathy gap are key factors contributing to our shoddy saving skills. Unfortunately, the seemingly exponential increase in life-expectancy seen over the last century means that very few people are financially prepared for a secure and comfortable retirement. So how can we use this knowledge to bridge the gap between our present and future selves?

In 2011, Hershfield & Goldstein et al used virtual reality to allow people to interact with a photorealistic, age-progressed rendering of their face. Seeing themselves aged 65 years old helped to bridge the gap between their present and future self. Furthermore, participants had to use a slider bar to allocate their desired retirement contribution. Importantly, when they adjusted the slider, it affected the facial expression of their “future face”, providing emotional feedback on their choice. Forgoing present income for increased retirement income caused the face to smile, whereas a high current income at the cost of a lower retirement income caused the face to frown. They found that interactions with your future-self led to an increased tendency to accept later monetary rewards over immediate ones. This is most likely due to the intensified emotions experienced during the simulation that enable people to become better informed about future consequences of their decisions.

This study shows that we can overcome the cognitive biases we encounter when making financial decisions. With the rapid development of virtual reality, the prospect of saving could become a whole lot easier. After all, if Leicester City can win the Premier League, why can’t we learn to save for retirement?

Ersner-Hershfield, H., Garton, M. T., Ballard, K., Samanez-Larkin, G. R., & Knutson, B. (2009). Don’t stop thinking about tomorrow: Individual differences in future self-continuity account for saving. Judgment and Decision Making, 4(4), 280.

Hershfield, H. E., Goldstein, D. G., Sharpe, W. F., Fox, J., Yeykelis, L., Carstensen, L. L., & Bailenson, J. N. (2011). Increasing saving behavior through age-progressed renderings of the future self. Journal of Marketing Research, 48(SPL), S23-S37.

[shojobeatgirl]

New video! Goodwill Thrift Store Toy Haul, Monster High Dolls Score! (via https://www.youtube.com/watch?v=elPksj-yeYk)

[jeibossmusic]

No bajes la meta, aumenta tu esfuerzo . #yeyking #artista https://www.instagram.com/p/CPYrGC-BYwb/?utm_medium=tumblr

[jeibossmusic]

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[jeibossmusic]

Muere lleno de recuerdos , no de sueños por cumplir . #yeyking #flowrealqueteconecta #medellincolombia (en En La Mia!!!) https://www.instagram.com/p/CPTdfJ7hneM/?utm_medium=tumblr

[jeibossmusic]

Voy tras lo difícil, porque en lo fácil siempre hay fila … #yeyking #tufavoritobaby #lamafiamusical #flowrealqueteconecta (en Medell��n, Antioquia) https://www.instagram.com/p/CPQ2W3gBTny/?utm_medium=tumblr

[jeibossmusic]

Cuando hay ganas todo es #posible #yeyking #elfavorito #💰 (en Jupiter, Florida) https://www.instagram.com/p/CPPMsYah0Aq/?utm_medium=tumblr

[jeibossmusic]

#lamafiamusical ,los míos son contaos #yeyking #elfavorito (en Donde Ustedes No Llegan) https://www.instagram.com/p/CPMlmyeBMYK/?utm_medium=tumblr

[jeibossmusic]

Todo parece #imposible hasta que se hace #📸 @sebasmorenooo #yeyking (en Vida Y Mas Na".) https://www.instagram.com/p/CO9CkTDhpmu/?igshid=lcze4shpcb5z

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Un camino de mil millas comienza con un solo paso #yeyking #hoy estamos activos 🎬🎼 (en Bogotá, D.c.) https://www.instagram.com/p/COGc_W4hOFf/?igshid=mr6r6ngyumvt

[jeibossmusic]

El único pájaro que se atreve a picotear un águila es el cuervo. Se sienta sobre su espalda y muerde su cuello. Sin embargo, el águila no responde, ni lucha con el cuervo; no gasta tiempo ni energía en él, simplemente abre sus alas y comienza a elevarse más alto en los cielos. Cuanto más alto es el vuelo, más difícil es para el cuervo respirar y luego el cuervo se cae por falta de oxígeno. Deja de perder el tiempo con los cuervos. Con esa gente dañina que sólo se acerca a tu vida para intentarte desestabilizar, para proyectar sobre ti sus propias tormentas. Solo llévalos a tus alturas y se desvanecerán solos. #lamafiamusical #yeyking (en Medellín, Antioquia) https://www.instagram.com/p/CMvBMgAB0cE/?igshid=1cu907a4treyy

[jeibossmusic]

Me enfoco solo en avanzar y en crecer gracias dios 🙏🏻 #YEYKING (en Medellín, Antioquia) https://www.instagram.com/p/CMmxinCh3ao/?igshid=1kbm4l87glcyk