Thursday, April 5, 2018

Get sentimental about saving - Chicago Tribune

Get sentimental about saving - Chicago Tribune: eirlooms can raise more than feelings of nostalgia. They also can boost your savings rate.

That’s the finding of a recent study by Brad Klontz, a psychologist, certified financial planner and associate professor at Creighton University. The objective of the study was to find out whether tapping into emotional connections to nostalgic items could inspire people to save more.

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Here’s how it worked: In five cities — Atlanta, Austin, Boston, Dallas and Seattle — study leaders invited people to a seminar on savings. When participants arrived, they were sent to one of two rooms. The first group heard a standard presentation on financial literacy, which touched on the importance of saving, the power of compound interest and various saving strategies.

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