During “fresh starts” in our lives, The Wharton School Professor Katy Milkman has found that these moments in time can help people forgive themselves of their past mistakes and pursue their goals with more optimism.
EPISODE OVERVIEW
Katy Milkman, a professor at Wharton, studies psychological factors influencing retirement savings, particularly the “fresh start effect,” which motivates people to adopt new financial behaviors during symbolic new beginnings. She found that framing retirement-saving opportunities around fresh-start dates, such as birthdays or New Year’s Day, significantly increased savings rates among employees who previously saved little or nothing. However, Milkman also discovered that peer comparisons, particularly highlighting high savings among coworkers, unexpectedly reduced retirement savings participation among lower-income, unionized workers due to feelings of inadequacy or demotivation.
PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research – but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.
Learn more at http://whr.tn/rippleeffect.
#behavioralscience #behavioraleconomics #personalfinance
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