How can we avoid people procrastinating financial planning for their retirement? To mitigate the tendency of individuals to postpone their retirement financial planning, an early and timely proactive approach is needed to ensure sufficient premiums are added to enhance economic security in later life. Yet (too) many people delay engagement with pension services, potentially jeopardizing their financial stability in the future. This research hypothesizes that visualizing oneself in the future incentivizes more immediate action with regards to financial planning. To test this hypothesis, we aim to develop an independent novel application of a future self, however, specifically designed to safeguard user privacy and avoid commercial exploitation of video data. Experiments will be conducted to assess the cognitive impact of the application, including perceived authenticity, stereotype activation, and memory enhancement, alongside assessing the practical effects on financial planning behavior both in controlled settings and real-life scenarios. Fostering enhanced financial literacy and pension provider client activation, we aim to improve the quality of life for present and future generations, aligning with the objectives of Netspar partners and contributing to the broader societal goal of sustainable financial well-being.

This research is funded by Instituut Gak.