A meta-analysis of financial self-control strategies: Comparing empirical findings with online media and lay person perspectives on what helps individuals curb spending and start saving.
Self-control can be assisted by using self-control strategies rather than relying solely on willpower to resist tempting situations and to make more goal-consistent decisions. To understand how self-control strategies can aid financial goals, we conducted a meta-analysis (Study 1) to aggregate the l...
Guardado en:
| Autores principales: | , , |
|---|---|
| Formato: | article |
| Lenguaje: | EN |
| Publicado: |
Public Library of Science (PLoS)
2021
|
| Materias: | |
| Acceso en línea: | https://doaj.org/article/0c536b0886da4fdaaeff793272a6d6bf |
| Etiquetas: |
Agregar Etiqueta
Sin Etiquetas, Sea el primero en etiquetar este registro!
|
| Sumario: | Self-control can be assisted by using self-control strategies rather than relying solely on willpower to resist tempting situations and to make more goal-consistent decisions. To understand how self-control strategies can aid financial goals, we conducted a meta-analysis (Study 1) to aggregate the latest research on self-control strategies in the financial domain and to estimate their overall effectiveness for saving and spending outcomes. Across 29 studies and 12 different self-control strategies, strategies reduced spending and increased saving significantly with a medium effect size (d = 0.57). Proactive and reactive strategies were equally effective. We next examined whether these strategies studied in the academic literature were present in a media sample of websites (N = 104 websites with 852 strategies) and in individuals' personal experiences (N = 939 participants who listed 830 strategies). About half the strategies identified in the meta-analysis were present in the media sample and about half were listed by lay participants as strategies they personally use. In sum, this paper provides a comprehensive overview of the self-control strategies that have been studied in the empirical literature to date and of the strategies promoted in the media and used in daily life, identifying gaps between these perspectives. |
|---|