After 15 years of research, a psychologist says that narrowing your focus can help millennials retire faster. (via CNBCMakeIt)
, who found a way to introduce young people to their future selves.
Participants were divided into two groups. Hershfield morphed photographs of the first group into an aged version of what they might look like in 45 years time. After taking some time to analyze their pictures, they said they wanted to set aside an average of 6.2% of their current salary for retirement. The other group, which only saw photographs of their current selves, set aside 4.4%.
After giving them a few minutes to take on the form of their future selves, Hershfield told them to imagine receiving an unexpected $1,000. "How much of that money would you use to open a checking account, buy something nice for someone special, plan an extravagant vacation or invest in a retirement fund?" he asked.self, those who took on the role of their aged self set aside more than twice as much for retirement: an average of $172 out of the $1,000 windfall.
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