A recent article from the UK’s Telegraph has caught my eye, as it fits in perfectly with the goal we set for the month of January, “Make a Plan.” Special thanks to one of our favorite clients for sending it to me.
According to the article, a research study conducted by Zurich UK Life, in conjunction with MindLab, found a definitive link between positive goal setting and saving, especially when it comes to matters close to the heart. People are motivated to save because they set personal goals to do so, and not so much because they are told that it’s important.
Here are some highlights from the article:
- “The study found that the more a particular goal resonated with someone at an emotional level, not only were they more likely to save up for it, but also more likely to save a larger amount.”
- “Overall, retirement was ranked as the most popular reason to save money, chosen in almost 70% of the different scenarios in which it was an option. It also ranked highly for emotional appeal based of how quickly people chose it whenever it came up in one of the dilemmas.”
- “What’s clear is that goal setting does increase the amount people save, and that some goals are more effective than others, but it’s those ‘emotional’ goals – saving to care for elderly relatives or for retirement – that come out as the most important from both a head and heart perspective.”
According to Anne Torry, head of Zurich UK Life, “…our research demonstrates that thinking about what you aspire to and having goals for the immediate and long term will inspire people not only to save, but save more. This is why it is so critical to take time out and visualize your future so that you can then take action to financially prepare and realize your ambitions. Small steps taken early on can make a huge difference.”
So there you are, “proof” that goal setting really works. Make early plans. Stick with them. CREATE your future.
Click the link to the full article, and get motivated to set savings goals: http://www.telegraph.co.uk/news/2016/12/25/proof-nagging-does-not-work-study-shows-positive-better-motivation/
PHOTO CREDIT: ALAMY