How product design can change hapless spending

The Savings App Designed by a Behavioral Economist

As humans, our failings are epic. Some of us eat too much, lie to ourselves, don’t exercise enough, and spend so much money that we have nothing left for that vacation in Hawaii. But technology, Dan Ariely believes, might save us from ourselves. Ariely, a professor of psychology and behavioral economics at Duke University, is an investor and the chief behavioral economist at Qapital, a Swedish-startup geared toward encouraging Millennials to save. Here’s how he explained the reason many young people fail to save—or spend—effectively: The most difficult problem is our lack of desire to think about it. You go to the supermarket and you buy and buy and buy. People always underestimate. ….[READ]

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