Tricking Yourself to Save
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 13 February 2018
⏱️ 18 minutes
🧾️ Download transcript
Summary
Are you saving for a rainy day? Eight of the world's major economies will between them have a joint shortfall of some $400 trillion in the next thirty years in terms of pension provision, according to the World Economic Forum. The assumption here is that most of us need about 70% of our working income to get by in our retirement years. But the shortfall they've come up with is a staggering 5 times the size of global stock markets. Luckily, Dan Ariely, a behavioural economist based at Duke University in the US, has been studying some of the simple human tricks that perhaps might nudge us towards a more prudent attitude.
(Picture: Getty images)
Transcript
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| 0:00.0 | Hello, just before the podcast begins, I want to tell you about the assassination. It's a new podcast |
| 0:05.2 | series from the BBC World Service. My name's Owen Bennett Jones, and I used to be the BBC's |
| 0:10.4 | correspondent in Pakistan, and for years covered the story of one of the world's best-known |
| 0:15.3 | politicians, Benazir Boutto. Then she was assassinated. The assassination is all about my 10-year investigation into what |
| 0:23.3 | happened. There are already seven episodes with more to come. Search for the assassination wherever |
| 0:29.4 | you get your podcasts. Hello, I'm Ed Butler and welcome to Business Daily from the BBC. |
| 0:39.8 | How much are you putting aside for your declining years? |
| 0:44.0 | I'm not saving for old age. |
| 0:45.9 | You don't give it a moment's thought? |
| 0:47.8 | I thought about it, but I'm not doing anything. |
| 0:50.3 | I just have the feeling it's very difficult. |
| 0:52.7 | Yes, if we could deal with rainy day saving, many of the world's health and social crises |
| 0:57.5 | might be resolved. So why are we so bad at it? An expert on money and behavior speaks out. |
| 1:03.9 | We have to deal with it better. We have to think about what do we spend on now and how do we |
| 1:09.8 | separate between spending now and spending |
| 1:11.8 | later. That's all to come in Business Daily from the BBC. |
| 1:17.9 | How good are you at saving for a rainy day? Apparently eight of the world's major economies |
| 1:24.2 | will between them have a shortfall of some $400 trillion over the next 30 years. |
| 1:30.2 | That's for pension provision. The assumption here is that most of us need about 70% of our working |
| 1:36.7 | income to get by in our retirement. But the shortfall that the experts at the World Economic Forum have |
| 1:42.2 | come up with is a staggering five times the size of all of the world's stock markets. |
| 1:48.9 | I'll just give you a moment to pause and reflect on that. |
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