CommitFEST: a motivation event where students risk money
Announcement posted by Stake Something 14 Sep 2023
CommitFEST is a radical behaviour science event that creates momentum for behaviour change or new habits. University students can self-motivate in time for their end of year exams and people who've struggled for years can instantly adopt regular exercise habits.
The two-hour online workshop uses financial incentives and loss aversion, two methods proved effective in changing behaviour.
What kinds of behaviour change?
Anything that requires weekly actions - regular exercise, study or more self-control…
- Study for exams 12 hours a week
- Swim four times a week
- Cut social media to one hour a day
- Attend two social events a week
- Cut alcoholic drinks to two glasses a day
How does it work?
Once people have promised weekly actions they put some money at stake and risk forfeiting the money to a charity if they don't do what they promised themselves. It's an honour system.
How much money?
As little as one dollar per week improves self-motivation. But the more money people put at stake, the more reliable they become with their word. People who put a significant amount at stake are reliable 50 weeks out of 52 on our data so far.
Is there science behind this?
Yes, there is settled science in this area. The principle involved is called 'loss aversion' and the research in experimental psychology has been replicated many times. Daniel Kahneman won the Nobel Prize in Economics in 2002 for this work. Numerous studies show financial incentives effective in weight loss, exercise and smoking addiction. fMRI scans in the field of neuroscience substantiate that risking money activates the survival circuitry of the brain, which has privileged access to the brain's reward and action centres.
What happens at the event?
It's a workshop. People work out their weekly actions, learn about the science, then put money at stake using the website. They start their project the following Monday.
'People get extraordinary and instant results with this app, but risking money is confronting, and adoption is low. CommitFEST is an attempt to introduce a social dimension and re-cast motivation as a team sport…'
- Bret Treasure, co-founder of the Stake Something app
Event details
The world's first CommitFEST is on September 28, 2023 (in time for exam season)
Eventbrite: https://tinyurl.com/CommitFEST
Who's behind this?
Stake Something Pty Ltd is an Australian startup in the behaviour change space. It applies the principles of loss aversion and financial incentives, and changes behaviour through coaching, seminars and software. Principals are Perth-based Bret Treasure and Ben Raphael.
Contact
Bret Treasure
bret@stakesomething.com
www.support.stakesomething.com
0409 908 133