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3 results on '"SAVINGS GOAL"'

1. Interventionist external agents make specific advice less demotivating.

Author

Khenfer, Jamel, Laurin, Kristin, Tafani, Eric, Roux, Elyette, and Kay, Aaron C.

Subjects
*MOTIVATION (Psychology), *SAVINGS banks, *ORGANIZATIONAL goals, *CONSUMER behavior, *FINANCIAL planning
Abstract

Across four experiments, we explored how reminders of powerful external agents—interventionist Gods and reliable corporate institutions—influence people's motivation in the realm of financial goals. We found evidence that when people receive specific financial advice, they feel demotivated by the overwhelming flow of concrete instructions for achieving success. We found further that, under these circumstances specifically, reminders of interventionist agents bolster motivation, but that these same agents under different circumstances ( i.e. , when people receive vague advice) instead undermine motivation. Our findings shed light on the effects of specific ( versus vague) goal focus, and on the dynamics of compensatory control in consumer settings. [ABSTRACT FROM AUTHOR]

Published
2017
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2. The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases

Author

Carpena, Fenella, Cole, Shawn, Shapiro, Jeremy, and Zia, Bilal

Subjects
FINANCIAL HABITS, INFORMATION, FINANCIAL OUTCOMES, BUDGET, PURCHASE, FINANCIAL EDUCATION IN SCHOOLS, DURABLE GOODS, HEALTH INSURANCE, DISCOUNT RATES, TRAINING PROGRAMS, MATHEMATICS, DEPOSIT, MONETARY INCENTIVE, CREDIT CARDS, COMPUTATIONAL SKILL, CREDIT CARD, COLLEGE FRESHMEN, DEBT REPAYMENT, FINANCIAL SECTOR, RISK AVERSION, EMPLOYEE SAVING, INCOME, INVESTMENTS, PERSONAL SAVINGS, PAMPHLETS, FINANCIAL CONCEPTS, FINANCIAL TRAINING, FINANCIAL GOAL SETTING, FINANCIAL EDUCATION, FINANCIAL CRISIS, EDUCATION, CALCULATIONS, SAVINGS ACCOUNTS, CURRICULUM, BANK, FINANCIAL COUNSELOR, LOANS, FINANCIAL ADVICE, FINANCIAL KNOWLEDGE, TRAINING PROGRAM, FINANCIAL EDUCATION WORKSHOP, FINANCIAL MATTERS, KNOWLEDGE TEST, STUDENTS, BORROWER, DEPOSITS, INHERITANCE, RESOURCE MANAGEMENT, FINANCE, CALCULATION, FINANCIAL ACTIONS, FINANCIAL EDUCATION PROGRAMS, SAVINGS BEHAVIOR, FINANCIAL INCENTIVES, LOW- INCOME, WELFARE, HIGH SCHOOL STUDENTS, INDIVIDUAL COUNSELING, COMPUTATIONAL SKILLS, LITERACY, MONEY, WORKSHOP, SAVINGS GOAL, INTEREST RATES, CONTRIBUTION, DISCOUNT RATE, DEBT, SAVING, POSITIVE FINANCIAL OUTCOMES, SAVINGS PROGRAM, FINANCIAL SERVICES, BEHAVIORAL EFFECT, FINANCIAL DECISION, CONSUMER DEBT, RESERVE BANK, MARKETING, FINANCIAL MANAGEMENT, FINANCIAL PRODUCTS, FINANCIAL LITERACY, KNOWLEDGE TESTS, RENTS, VALUE OF MONEY, DEMAND, CONSUMERS, MONETARY INCENTIVES, LOW-INCOME, PURCHASES, INSURANCE POLICY, SAVINGS ACCOUNT, HOUSEHOLD BORROWING, FINANCIAL GOALS, BANK ACCOUNT, SAVING BEHAVIOR, CONSUMER RESEARCH, ATM CARDS, DEBT REPAYMENTS, ACCOUNTING, GOAL SETTING, BUDGETS, FINANCES, FINANCIAL CONSEQUENCES, EXPENSES, MONTHLY INCOME, FINANCIAL DECISIONS, FINANCIAL EDUCATION COURSES, EDUCATION PROGRAMS, REPAYMENTS, FINANCIAL BEHAVIOR, FINANCIAL LITERACY TRAINING, PROBABILITY, FINANCIAL SYSTEM, BANKING PRODUCTS, BEST PRACTICES, INSURANCE, SECONDARY SCHOOL, FINANCIAL GOAL, LIFE INSURANCE, CONSUMER, SPENDING, EDUCATION PROGRAM, TRAINING, HOUSEHOLD INCOME, BORROWING, LOAN, CREDIT, TAKE-UP RATES, LOAN TERMS, PAYMENT AMOUNT, FINANCIAL EDUCATION PROGRAM, KNOWLEDGE, FINANCIAL LEARNING, BUSINESS SCHOOL, MINIMUM PAYMENT, REPAYMENT, FINANCIAL EDUCATION COURSE, INTEREST, CLASSROOM SESSIONS, HOUSEHOLD SAVINGS, BUDGETING, RESEARCH ASSISTANCE, SAVINGS, FINANCIAL COUNSELORS, ATM, CHECKS, CREDIT CARD PAYMENT, DIRECT DEPOSIT, INTEREST RATE, BEHAVIORAL ECONOMICS
Abstract

This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal setting. The analysis finds no impact of pay for performance but significant effects of both counseling and goal setting on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and financial behavior change.

Published
2015

3. Trouble Setting Your Savings Goals? The Moderating Effect of Religious Belief on Goal Pursuit

Author

Jamel Khenfer, Aaron Kay, Elyette Roux, Eric Tafani, Centre d'Études et de Recherche en Gestion d'Aix-Marseille (CERGAM), Aix Marseille Université (AMU)-Université de Toulon (UTLN), Institut d'Administration des Entreprises (IAE) - Aix-en-Provence (AMU IAE), Aix Marseille Université (AMU), Duke University [Durham], and IAAP

Subjects
religion,motivation,God,savings goal, motivation, savings goal, religion, God, [SHS.GESTION]Humanities and Social Sciences/Business administration
Abstract

International audience; This research examines if, in the context of savings goals, the usual decrement in motivation that is observed when a goal is set with implementation concreteness, at its early stages, will dissipate when people are reminded of divine control.

Published
2014

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