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Time Perspective & Financial Literacy 31 July, 2014

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. Why we did the study. Why we did the study. Why we did the study. Marketing rarely focuses on product value

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Time Perspective & Financial Literacy 31 July, 2014

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  1. Time Perspective & Financial Literacy 31 July, 2014

  2. Agenda • Why we did the study • How we did the study • Results • Applications

  3. Why we did the study

  4. Why we did the study

  5. Why we did the study

  6. Why we did the study • Marketing rarely focuses on product value • Products are frequently complex • Complexity usually means expensive

  7. Why we did the study

  8. Why we did the study

  9. Why we did the study • How do people make financial decisions? • Is financial literacy sufficient to be financially healthy?

  10. How we did the study • Zimbardo Time Perspective Inventory (36 questions)

  11. 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

  12. How we did the study • Traditional financial literacy quiz • Self-assessment of financial literacy (scale of 1 – 7)

  13. How we did the study • Bankruptcy, foreclosure, non-bank borrowing

  14. How we did the study

  15. How we did the study • Over 3,000 people

  16. How we did the study

  17. Results • Traditional financial literacy (acumen) can not be used to predict financial health • Time perspective is correlated to financial health

  18. Results

  19. Results

  20. Results

  21. Results

  22. Results

  23. Results • Financial Health Rankings:

  24. Applications • Improving financial health requires a more balanced time perspective • There are many public policy, educational and economic consequences

  25. Applications

  26. Applications

  27. Applications • And there are more

  28. Thank You www.magnifymoney.com

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