Simple tools can boost people's savings habits, new research finds

'Building up savings as a buffer against the unexpected is important for financial wellbeing but many people who could save for the unexpected don’t do so.' Picture: Roy Botterell

Small interventions like altering application forms, using interactive calculators and using infographics can influence people to develop savings habits and to put money away for a rainy day, new research has suggested.

The “first of its kind” research from the Economic and Social Research Institute (ESRI), and funded by the Competition and Consumer Protection Commission (CCPC), shows that putting information in front of consumers about the likelihood of future “financial shocks” can be a key motivator in helping them save money.