From: The Wall Street Journal

How Virtual Reality Can Boost Retirement Savings

The Wall Street Journal:

What if you could travel into your own future to see what your life will look like in 20, 30 or even 40 years? Well, it turns out that virtual time travel  may just be the best tool to motivate us to save more effectively for retirement—starting at a younger age.

So how do you motivate people, especially millennials, to think about saving for their future retirement? Professor Hal Hershfield of UCLA’s Anderson School of Management partnered with Daniel Goldstein of Microsoft Research, Jeremy Bailenson, director of Stanford’s Virtual Human Interaction Lab, and several other Stanford researchers to see if connecting people with their future selves could affect their willingness to save for that future self. They took photos of college-age research subjects and digitally altered half of them to create virtual avatars at age 65—complete with jowls, bags under the eyes, and gray hair.

Read the whole story: The Wall Street Journal

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