Intra- and Interpersonal Commitment Mechanisms to Encourage Regular Savings

Caezilia Loibl, The Ohio State University, USA
Robert Scharff, The Ohio State University, USA
The present study uses a survey of participants of a community-based savings initiative to examine the impact that selected interpersonal and intrapersonal commitment devices have on the achievement of savings goals. In particular, the study addresses two commitment mechanisms to combat both the lack of self-control and the procrastination that arise from time-inconsistent preferences: (1) the use of implementation intentions as an intrapersonal commitment mechanism and (2) the influence of “wealth coaches” as a means of interpersonal pressure. An initial survey and two follow-up surveys are going to be conducted in March and April 2006.
[ to cite ]:
Caezilia Loibl and Robert Scharff (2007) ,"Intra- and Interpersonal Commitment Mechanisms to Encourage Regular Savings", in NA - Advances in Consumer Research Volume 34, eds. Gavan Fitzsimons and Vicki Morwitz, Duluth, MN : Association for Consumer Research, Pages: 338-340.