In the present research we examine self-control strategies for financial goals from three unique perspectives: (1) strategies empirically studied by researchers, (2) strategies recommended in the online media, and (3) strategies described by a sample of lay individuals. Such strategies and tactics are specific, actionable ways to increase one’s chances of making goal-consistent choices. Therefore, keeping cash on hand rather than a credit card may be a helpful strategy to deter oneself from spending in a tempting situation. For example, people tend to spend less money if they make the purchase with cash rather than a card. Self-control strategies are a form of self-management that can make goal-consistent choices more likely while reducing the need for willpower to resist temptations. What are some ways to bring people’s actions in line with their financial goals? One way to increase goal-consistent choices and promote self-control in tempting situations is the employment of self-control strategies. In America, 74% of people have credit card debt, impulse purchases account for as much as 60% of all purchases, and 44.4% of bankruptcies were related to spending or living beyond one’s means. For example, 44% of American adults self-report that their retirement savings are not on track and 26% have no retirement savings or pension whatsoever. Often, temptations prevail and individuals fall short of their goal. For instance, when aiming to limit one’s spending, daily temptations (e.g., to buy a new gadget, a favourite drink, or book a vacation) must be resisted to act in line with the goal. Ĭompeting interests: The authors have declared that no competing interests exist.Īny goal pursuit is fraught with self-control dilemmas, where the individual must choose between indulging in temptation right now versus resisting temptation and pursuing the goal consistent choice. įunding: This work was supported by a grant from the Social Sciences and Humanities Research Council Canada. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.ĭata Availability: The data for the meta-analysis and for Study 2 and 3 are available on the Open Science Framework (OSF) at. ![]() Received: ApAccepted: JPublished: July 8, 2021Ĭopyright: © 2021 Davydenko et al. PLoS ONE 16(7):Įditor: Muhammad Shahzad Aslam, Xiamen University - Malaysia Campus, MALAYSIA 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.Ĭitation: Davydenko M, Kolbuszewska M, Peetz J (2021) 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. 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. 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). Proactive and reactive strategies were equally effective. Across 29 studies and 12 different self-control strategies, strategies reduced spending and increased saving significantly with a medium effect size ( d = 0.57). 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. ![]() 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.
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