The study, conducted through the BBC website with over 40,000 participants, measured people's financial impulsivity by asking whether they would they prefer to receive £45 in three days or £70 in three months.
The survey asked a related series of questions about other behaviours. Nearly half of those who responded preferred the smaller-sooner sum of money, and these people were more likely to show a raft of other impulsive behaviours.
Dr Stian Reimers, ESRC Centre for Economic Learning and Social Evolution at UCL, says: "One of the big questions about people's financial planning is whether decisions to spend or save come from personal knowledge and experience of money matters or whether they reflect someone's personality more generally.
"Our research shows that people with an impulsive money-today attitude ignore the future in other ways. For example, they are more likely to smoke and more likely to be overweight, which may reflect a preference for immediate pleasure of nicotine and food over long-term good health. People who chose to take the smaller-sooner amount of money were also more likely to admit to having had an affair in recent years, suggesting another manifestation of desire for immediate gratification."
The study controlled for age, education and income, and found that those most likely to make impulsive financial choices were young, poorly educated, and on lower incomes.
Dr Reimers continues: "Given that those who decline £70 in three months in favour of £45 in three days are essentially turning down an interest rate that's hundreds of times what they'd get on the high street, this may begin to explain why some people are reluctant or unable to save money.
"Learning to make decisions that lead to long-term happiness, not just instantaneous gratification, could benefit us all. Simple techniques can help reduce impulsivity: like imagining how you'd feel about your decision in a year's time, or trying to avoid making decisions in the heat of the moment."
1. For more information or to set up an interview, please contact Dr Stian Reimers on +44 (0)20 7679 7570, mobile +44 (0)7967 974781, email email@example.com.
2. Alternatively, please contact Ruth Howells in the UCL Media Relations Office on tel: +44 (0)20 7679 9739, mobile: +44 (0)7990 675 947, out of hours +44 (0)7917 271 364, e-mail: firstname.lastname@example.org
3. 'Associations between a one-shot delay discounting measure and age, income, education and real-world impulsive behaviour' by Stian Reimers, Elizabeth Maylor, Neil Stewart and Nick Chater is published in the journal Personality and Individual Differences, doi:10.1016/j.paid.2009.07.026. Journalists can obtain copies of the paper by contacting the UCL Media Relations Office.
4. The study was carried out via the BBC website, which collected 42,863 participants' responses to a survey. It formed part of the SexID test (www.bbc.co.uk/sexid), a collaborative web-based project examining many aspects of cognition and behaviour.
5. The study was run by UCL and the University of Warwick.
Ruth Howells | EurekAlert!
How Strong Brands Translate into Money
15.11.2016 | Kühne Logistics University - Wissenschaftliche Hochschule für Logistik und Unternehmensführung
Demographic change depresses tax revenues
04.11.2016 | Fraunhofer-Institut für Angewandte Informationstechnik FIT
In recent years, lasers with ultrashort pulses (USP) down to the femtosecond range have become established on an industrial scale. They could advance some applications with the much-lauded “cold ablation” – if that meant they would then achieve more throughput. A new generation of process engineering that will address this issue in particular will be discussed at the “4th UKP Workshop – Ultrafast Laser Technology” in April 2017.
Even back in the 1990s, scientists were comparing materials processing with nanosecond, picosecond and femtosesecond pulses. The result was surprising:...
Have you ever wondered how you see the world? Vision is about photons of light, which are packets of energy, interacting with the atoms or molecules in what...
A multi-institutional research collaboration has created a novel approach for fabricating three-dimensional micro-optics through the shape-defined formation of porous silicon (PSi), with broad impacts in integrated optoelectronics, imaging, and photovoltaics.
Working with colleagues at Stanford and The Dow Chemical Company, researchers at the University of Illinois at Urbana-Champaign fabricated 3-D birefringent...
In experiments with magnetic atoms conducted at extremely low temperatures, scientists have demonstrated a unique phase of matter: The atoms form a new type of quantum liquid or quantum droplet state. These so called quantum droplets may preserve their form in absence of external confinement because of quantum effects. The joint team of experimental physicists from Innsbruck and theoretical physicists from Hannover report on their findings in the journal Physical Review X.
“Our Quantum droplets are in the gas phase but they still drop like a rock,” explains experimental physicist Francesca Ferlaino when talking about the...
The Max Planck Institute for Physics (MPP) is opening up a new research field. A workshop from November 21 - 22, 2016 will mark the start of activities for an innovative axion experiment. Axions are still only purely hypothetical particles. Their detection could solve two fundamental problems in particle physics: What dark matter consists of and why it has not yet been possible to directly observe a CP violation for the strong interaction.
The “MADMAX” project is the MPP’s commitment to axion research. Axions are so far only a theoretical prediction and are difficult to detect: on the one hand,...
16.11.2016 | Event News
01.11.2016 | Event News
14.10.2016 | Event News
08.12.2016 | Power and Electrical Engineering
07.12.2016 | Health and Medicine
07.12.2016 | Life Sciences