The role of self-control and regulatory foci in money-saving behaviours among children

Abstract

The studies aimed to discover if it is possible to increase children's ability to defer consumption in favour of saving money by drawing attention to the importance of self-control and by inducing regulatory focus of promotion or prevention. The first study confirmed that economic behaviours of children are connected to their level of self-control. Next, in two experimental studies, self-control and regulatory focus were experimentally induced in 9-to 11-year-old children. The second study (n = 158) showed that self-control activation results in preference of saving over immediate consumption for boys but not for girls. The third study (n = 144) showed that promotion regulatory focus activation results in preference of saving over immediate consumption, while after the activation of prevention regulatory focus, children prefer immediate consumption. The results indicate that sole activation in children's thinking about the importance of self-control or about specific self-regulation motivations may influence saving behaviours. Nevertheless, due to the fact that males and females differ in self-control levels and in motivation for goal pursuit, inducing self-control or specific regulatory focus in children may have different effects on economic decisions, depending on a child's gender.

To spend or to save? The role of time perspective in the saving behavior of children

“…In previous studies conducted among children of the same age group and using similar experimental procedures (analyses of the effects of self-control and regulatory focus on children's saving behaviors), effect sizes were rather small: Crame ´r's V ranged from 0.22 to 0.23 (Trzci nska et al, 2021). Based on those studies' effect sizes, an a priori sample size calculation with G Ã Power (Faul et al, 2007) was done for the present study.…”

“…For example, children who regularly receive pocket money possess better knowledge of the value of money than those who do not (Kupisiewicz, 2004); parental guidance is also crucial in learning money-saving habits (Otto, 2009;Bernheim et al, 2001). Individual characteristics may also influence children's financial behaviors, for example, high self-control (Otto, 2009(Otto, , 2013 and a promotion regulatory focus (Trzci nska et al, 2021) have been identified as important features that contribute to children saving money.…”

“…It is therefore worth investigating whether particular TPs can be triggered by tasks unrelated to subsequent financial decisions and whether such experimentally induced TPs influence the financial choices of children. Previous studies have shown that situational manipulations, such as activating children’s thoughts about the importance of self-control or about specific self-regulation motivations, may influence children’s saving behaviors (Trzcińska et al , 2021). The current article explores the influence of another type of situational factor – TP – on children’s financial decisions.…”

Psychological Determinants of Household Financial Sustainability: The Perspective of Employees in Manufacturing Sector of Malaysia

“…Various studies in the field of economic psychology, particularly in recent years, have looked at people's attitudes and beliefs about money. According to cross-sectional studies, there is a positive relationship between financial attitude and financial literacy (Trzcińska, Sekścińska, & Maison, 2018). As a result, we can formulate a hypothesis in the following manner.…”

Does Self-Control Moderate the Relationship between Social Influence and Savings Behavior among Small Business Owners?

“…Financial experts should promote budgeting when classified to help people develop self-control in financial management decisions (Liu, Yilmazer, Loibl, & Montalto, 2019). The results of the research are particularly relevant for financial education strategists, where financial education requires not just the delivery of information on the effectiveness of specific financial conduct, but also the cognitive stimulation of individual skill concepts such as self-control amidst social interaction (Trzcińska, Sekścińska, & Maison, 2018).…”