Aspen is a place for leaders to lift their sights above the possessions which possess them. To confront their own nature as human beings, to regain control over their own humanity by becoming more self-aware, more self-correcting, and hence more self-fulfilling.
Walter P. Paepcke, Aspen Institute Co-Founder
Aspen Institute
Blog Posts, and Of Interest
How to Trick People Into Saving Money
May 1, 2017
Commonwealth and its partners designed a plan called Save to Win, which offered monthly cash prizes through the Michigan Credit Union League. The plan included a single big prize and a bevy of smaller ones—a jackpot and something more like the experience, Flacke says, of playing scratch tickets: a large number of small prizes, awarded more frequently and paid out quickly. Offering a large number of frequent payouts played to “hyperbolic discounting,” the tendency to value short-term possibilities disproportionately higher than long-term gains. A shot at $25 right now captures attention in a way that the promise of $100 earned through a few points of interest over a period of years does not. Throw in the slimmer possibility of a much bigger immediate payoff, and people really get interested.
Nonprofit Leaders in Financial Technology (nLIFT) is a group of organizations with a shared goal of increasing financial inclusion through technology-driven platforms. To learn more, visit nlift.org.
If we can equip many more households to be prepared for inevitable financial ups and downs, we can help millions of Americans bring stability to their lives.
