Automate your savings
This reduces financial stress and increases your savings over time.
What You'll Do
Set up automatic savings contributions of at least 10% of your income today.
Scientific Basis
Setting up automatic savings contributions increases savings accumulation by 40%, boosting mood by reducing financial stress about the future.
Madrian, B. C., & Shea, D. F. (2001). The power of suggestion: Inertia in 401(k) participation and savings behavior. The Quarterly Journal of Economics, 116(4), 1149-1187.The Science of Impact
Automatic savings contributions can lead to a 40% increase in savings accumulation, providing greater financial security.
Reducing decision fatigue through automatic enrollment can enhance overall employee wellbeing and satisfaction.
Lower financial anxiety can improve mental health, leading to better productivity and quality of life.
Pro Tips
Set up automatic contributions to your savings account or retirement plan, starting with at least 10% of your income.
Review your savings plan quarterly to adjust contributions as needed based on your financial goals.
Consider using financial apps that automate savings to help you stay on track.