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A cognitive bias that describes why the pain of losing is psychologically twice as powerful as the pleasure of gaining.
Featured in 30 UX Bites
Similar psychology:
After someone cancels, try listing the specific features they currently use that they'll lose, so the loss feels real and personal rather than a generic list.

When someone earns something before they have an account, e.g., a badge, you could prompt them to sign up so they don't lose what they've just achieved.

If a customer tries a discount that doesn't apply to their order, consider automatically saving it for later, so it doesn't feel like they've lost it.

When someone stops using your product, it may help to pause their progress for a couple of days rather than resetting it, then send reminders encouraging them back.

During setup, one option is to point out the effort someone would lose by starting from scratch, so importing their existing settings feels like the obvious choice.

Showing people the specific features they'd lose when cancelling could reduce churn, as losing what they already use may feel worse than the money saved.
Prompting sign-up at the moment someone might lose something they've earned could increase conversion, as keeping it feels more urgent than gaining something new.
Fear of losing data or progress can raise anxiety, so clearly explaining what might be lost and how to keep it may help users feel calmer and more in control.
Losing a discount, a streak or unsaved work can feel painfully frustrating, so protecting it by default might ease users' frustration and stop them giving up.
Pressure from a streak people fear losing can make a product feel like a chore, so letting them hide or pause it might increase their enjoyment of using it.