Time Perspective & Financial Literacy 31 July, 2014.

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Presentation transcript:

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