Step 4:
Now you can read the answers to the questions and check the answers you were giving. Make sure you also check grammar, spelling, and punctuation of your written answers.
1.What was the main point of the gentleman’s speech?
If people knew what they'll look like in retirement that they would save more. At least there's a good chance that they would start thinking about doing that and may be actually start doing more.
2.What was the reason and explanation that he gave us to support his point?
When we see a vivid visual representation of ourselves in the future, it really helps us connect ourselves to that future self. It lets us think about our distant selves as more real, more concrete, and a person we actually need to start considering.
3.How much money would we actually save if we saw old versions of ourselves?
Well, across a couple research studies they found that people put about twice as much money into hypothetical retirement account when they’re exposed to the images of their future selves compared to when they’re not.
4.The gentleman aged a bunch of people. Who is his favorite old version?
Well, Lauren, of course. And besides her? They aged Mark Zuckerberg, and he looks quite handsome as an older adult.
5.What are some of the statistics about retirement and why does this matter now?
Well, as of right now about two thirds of baby boomers** won’t be able to maintain their standard of living in retirement. More than half of Americans have less than $25,000 in their savings which simply won’t get them thru retirement. And the number of people who are seriously at risk of having underfunded retirement has been slowly creeping up*** over the years.
6.Is this something that the financial industry is going to be doing in the future? That’s exactly right. They’re starting to work with the company now to implement these types of interventions, so that real consumers, real decision-makers can start to see what they look like at their retirement age.
7.How likely is it that Lauren’s financial adviser is going to show her a picture of an old Lauren?
Probably within the next six days or month or so.
Baby boomer** - a person who was born during the Post-World-War II baby boom - a period marked by an increased birth rate.
Creep up*** - advance stealthily or unnoticed
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