Photograph by Leslie West/Getty Images
Most people don't
particularly like hearing they're deviants straying from social norms.
Mint.com, the online personal finance site, frequently deploys such “social
proof” – as the behavioral economists call the concept. The site might let you
know you're paying 167 percent more for auto insurance than people like you
typically do, Mint.com’s Vince Maniago said. Or, it might point out that if you
ate out two fewer times a week -- bringing your restaurant visits in line with
the average in your area -- you could save as much as $1,000 in six months.
Related: How Money Managers Fight Their Emotions and Sometimes Lose