Time Perspective & Financial Literacy 31 July, 2014
Agenda Why we did the study How we did the study Results Applications
Why we did the study
Marketing rarely focuses on product value Products are frequently complex Complexity usually means expensive
Why we did the study
How do people make financial decisions? Is financial literacy sufficient to be financially healthy?
How we did the study Zimbardo Time Perspective Inventory (36 questions)
How we did the study Time Perspective –Professor Zimbardo (Stanford Prison Experiment) –Past, Present & Future –We all have an approach to time – it impacts our decisions
How we did the study Traditional financial literacy quiz Self-assessment of financial literacy (scale of 1 – 7)
How we did the study Bankruptcy, foreclosure, non-bank borrowing
How we did the study
Over 3,000 people
How we did the study
Results Traditional financial literacy (acumen) can not be used to predict financial health Time perspective is correlated to financial health
Results
Financial Health Rankings:
Applications Improving financial health requires a more balanced time perspective There are many public policy, educational and economic consequences
Applications
And there are more
Thank You