Archive for February 12, 2011

A Gym Where It Costs You to Skip a Workout – NYTimes.com.

This is going to be interesting to follow. Many people are simply not motivated enough by money to get moving. $25 bucks is pretty steep but probably the right price that would at least have some of those with good intentions to stop and consider what skipping would mean to their wallets — Personally, money isn’t my motivator for me being fit. I’m going to stay tuned to see if this works.

A lot of people who join gyms or health clubs find it very easy to stop going. Gym-Pact, a new program in Boston, aims to change that. “Gym-Pact offers what [co-founder Yifan] Zhang calls motivational fees: customers agree to pay more if they miss their scheduled workouts, literally buying into a financial penalty if they don’t stick to their fitness plans,” explains Susan Johnston of The Boston Globe. “The concept arose from Zhang’s behavioral economics class at Harvard, where professor Sendhil Mullainathan taught that people are more motivated by immediate consequences than by future possibilities.”

Gym-Pact launched a small pilot program last fall at Bally Total Fitness in Boston, and expanded its program at two Planet Fitness gyms in Boston in 2011. Currently, participants are fined $25 if they fail to follow the schedule in any given week, but Gym-Pact’s founders are still refining their model. ”Zhang and [Geoff] Oberhofer plan to tweak the fee structure to allow it to be customized to a customer’s goals. Future iterations may include a combination of discounted gym memberships and smaller penalties that apply daily rather than weekly.” (HT: Marginal Revolution)