Science Literature Review on Enhancing Smart decisions in Personal Finance, focus on increasing savings and investing passively

Main goal: Scientific overview on how to build a tech product that would help regular folks increase their savings and invest passively Focus on increasing savings and investing passively (broad theoretical base of Bogle investment philosophy [login to view URL]). The deadline for this project is within 2 weeks. Primary Objective: To conduct a literature review that identifies and analyses the most effective methods and interventions in behavioural economics that promote rational financial behaviours, specifically saving and long-term passive investing. The findings will be instrumental in the design and development of a product aimed at assisting individuals in growing their wealth over time. Secondary Objective: Conduct a review on effective ways to explain the concepts passive investing and index funds. Scope: Empirical Studies: Identify and analyse empirical studies that have investigated interventions, tools, or methods to increase savings and long-term investment behaviours. Technological Solutions: Explore existing products or technologies that have successfully implemented behavioural economics principles to enhance rational financial behaviours. Demographic Considerations: Examine how different demographic factors (age, income level, education) may influence the effectiveness of various interventions. Deliverables: Literature Review Report: A report detailing the findings, including an executive summary, methodology, key insights, and recommendations for product development. Summary List: Prioritise methods to increase desired behaviours by their effectiveness. Add hypothesis about why a particular method was effective. Product Development Guidelines: A section dedicated to translating the research findings into actionable guidelines for the design and development of the product. You should review tons of relevant literature. Reference at least 70-100 articles Example studies to include: Zhang 2021 suggests that using competitive leaderboards as a gamification approach can increase individuals' saving intentions. Tam 2023 proposes a cyclical savings method that emphasizes the present and found that individuals using this method save significantly more money compared to those using a linear savings method. Selnow 2003 discusses the effectiveness of automatic enrollment in retirement planning, which taps into the functional order of behavior and attitudes, and has the potential to overcome barriers to wise decisions about retirement investments. [login to view URL] (The results show that variables grounded in trait theory, life cycle, and education are significantly related to retirement planning. Moreover, people who reported greater and more vivid imagery of a positive future retired self had engaged in more retirement preparation, accounting for a significant amount of variance beyond the traditional theories.) [login to view URL] [login to view URL] cross the studies, individuals using our proposed cyclical savings method provide an average of 74% higher savings estimates and save an average of 78% more money when compared to those using a linear savings method [login to view URL] [login to view URL] [login to view URL] [login to view URL] (Results showed that financial literacy did not affect customer’s interest to save money in the form of deposits.) Please include examples of previous work or relevant qualifications when submitting a proposal for this project.