This content is provided by
Capital One Bank
Capital One Bank
This content was written by the advertiser and edited by
to uphold The Boston Globe's content standards. The news and editorial departments of The Boston Globe had
no role in its writing, production, or display.
MOST POPULAR ON BOSTONGLOBE.COM
Based on what you've read recently, you might be interested in these stories
By Capital One Bank
| October 12, 2017
We often think saving is hard, but the truth is most of us have been saving for years. Look around at the stuff that you treasure in your home.
Maybe there’s a box of old love letters from your great grandparents. The toy robot you played with 40 years ago. Perhaps an elaborate sculpture you made in middle school — even though it’s broken. We hang onto these things because they have meaning. Well, now we want to take those stuff-saving habits and turn them into money-saving habits.
Capital One is honoring the need to save — and our innate emotional drive to do so — by dedicating an entire day, Oct. 12, to it: National Savings Day. What are they doing? Capital One is holding a contest and sharing insights from an empowering study to promote the importance of saving and people’s capacity to do so.
Study: Can saving things lead to saving money?
According to the new Capital One Banking Reimagined Savings Study, tapping into behaviors connected to saving heartfelt nostalgic items may actually make people more inclined to save financially:
Capital One partnered with a financial psychologist, Dr. Brad Klontz of Creighton University to conduct a study exploring the connection between the emotions associated with saving nostalgic items (e.g. your childhood teddy bear, your grandmother’s glassware) and the feelings associated with saving money in the future. Test subjects participated in a clinical study, which tested these emotional connections and the role they could play in motivating future savings.
According to a new study by Capital One, tapping into behaviors connected to saving heartfelt nostalgic items may actually make people more inclined to save financially:
The two-phase, three-week- long Banking Reimagined Savings Study, randomly assigned participants to one of two groups – the control group or the sentimental item group – and compared the results of the two groups.
The sentimental item group increased their savings three times (67%) more than the control group (only 22%) between the initial phase and second phase held three weeks later. If maintained over the course of the year, this change could represent $10,020 in annual savings on average, compared to $5,838 in annual savings on average prior to the study.
The sentimental item group showed statistically significant increases in their financial savings behaviors from pre-experiment to post-experiment: readiness to save, confidence toward saving and financial health. . At follow-up, the Boston group reported, on average, a 75% increase in their rate of savings from pre-experiment levels.
Consciously connecting memories, values and behaviors to money can only strengthen the ability to plan a clear path toward future financial goals and give people the confidence to make it happen.
Capital One’s contest is intricately linked with this study. They’re launching #ShareMySave, a celebratory contest that calls on Boston residents to share images of their most treasured keepsake and explain why that item is so special and meaningful to them on Twitter and Instagram using #ShareMySave and #Contest for a chance to win up to $10,000.
Capital One and Dr. Klontz have some tips for people to try at home to increase their savings:
1. Find a sentimental item that ties to your saving needs.
Think of an item you have kept for positive sentimental reasons and ask yourself what kind of feelings and values are associated with that item. Is it something a grandparent or parent gave you and thus tied to the importance of a loving and supportive family? Use the power of nostalgia tied to your item and the identified feelings and values associated to determine how to live your values today and improve your financial savings behavior.
2. When you’re motivated to take action: automate it!
For example, set up a monthly contribution from your checking account to a savings account, like Capital One’s 360 Money Market, a high-interest rate account. It elevates banking as a flexible, fee-free online, mobile and in-person support savings account that offers a rewarding high-interest rate and access to tools needed for long-haul savings growth.
3. Consider creating some visual motivators to improve your relationship with money.
Don’t just have a “savings account.” Name it. Have a “2018 European Family Vacation Account.”
4. Explore the innovative tools and educational services available to solve money problems and meet your financial goals.
Capital One designed the Capital One Café experience to do just that. With an iPad and perhaps a cup of coffee, our Capital One Ambassador is coaching you through setting up an account, paying your bills online, applying for a credit card, and more.
There is also a strong educational component to the Cafes – focused on two services Money Coaching and Money Workshops that are open and free to anyone – Capital One Customer or not.
To celebrate National Savings Day, Boston Capital One Cafes are hosting a Coffee Happy Hour from 11:30 a.m. – 1:30 p.m. Capital One customers will receive a free coffee!
Sponsored by Capital One Bank
Planes, trains, and automobiles
16 helpful travel tips for the 2016 holidays