Automatic Quote by Richard Thaler
“The lesson from behavioral economics is that people only save if it's automatic.”
About This Quote
Source Book: Nudge, 2008
Automatic savings mechanisms increase people’s ability to save money.
In simple terms: Automation boosts saving.
Set up automatic transfers.
Themes
Mood
Type
When to use this quote
- personal budgeting
- retirement planning
- employee benefits
- college savings
Key Concepts
Questions to Reflect On
- How can you combine automation with mindful spending?
- What nudges work best for you?
Automation may not address underlying spending habits.