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Business Daily: Tricking Yourself to Save

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Tricking Yourself to Save

13/02/2018 GMT

BBC World Service - Business Daily, Tricking Yourself to Save

Saving is hard. Luckily, economist Dan Ariely shows us some tricks that might help.

Are you saving for a rainy day? Eight of the world's major economies will between them have a joint shortfall of some $400 trillion in the next thirty years in terms of pension provision, according to the World Economic Forum. The assumption here is that most of us need about 70% of our working income to get by in our retirement years. But the shortfall they've come up with is a staggering 5 times the size of global stock markets. Luckily, Dan Ariely, a behavioural economist based at Duke University in the US, has been studying some of the simple human tricks that perhaps might nudge us towards a more prudent attitude.

(Picture: Getty images)

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