Abstract
Previous research has demonstrated that financial behaviors, such as saving behaviors, are heavily influenced by emotion. This study sought to determine what effect engaging people emotionally using a sentimental item would have on their saving behaviors. A double-blind, randomized experiment was conducted comparing a financial psychology session to a financial education session. A total of 102 subjects participated in the three stages of the study, providing pre-session, post-session, and three-week follow-up data. Immediately after the session, the group that received the financial psychology session showed statistically significant increases in their readiness to save, confidence in their ability to save more, financial satisfaction, and financial health. At the three-week follow-up, the financial psychology group reported a 73% increase in their rates of savings from pre-session while the financial education group reported a 22 percent increase in their rates of savings rates during the same period.