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Suppression, resolve, and habit in everyday financial behaviour
1Department of Psychology, Washington Singer Laboratories, University of Exeter, ExeterEX4 4QG, UK. s.e.g.lea@exeter.ac.uk.
The Behavioral and Brain Sciences
|April 26, 2021
Summary
Consumers often struggle with financial decisions like saving, spending, and debt. Ainslie
Area of Science:
- Behavioral Economics
- Consumer Decision-Making
Background:
- Everyday financial behavior involves complex inter-temporal choices regarding saving, spending, and debt.
- Consumers frequently make suboptimal financial decisions, impacting their long-term well-being.
Purpose of the Study:
- To explore the applicability of Ainslie's framework on willpower (suppression, resolve, habit) to consumer financial decision-making.
- To identify potential strategies for improving consumer financial choices.
Main Methods:
- Review of existing research on willpower, self-control, and inter-temporal choice in consumer behavior.
- Conceptual analysis linking Ainslie's theories to practical financial decision-making.
Main Results:
- Ainslie's concepts of suppression, resolve, and habit offer a relevant framework for understanding consumer financial choices.
- These psychological mechanisms can explain why consumers deviate from optimal financial strategies.
Conclusions:
- The framework of willpower provides valuable insights into improving consumer financial behavior.
- Further research can leverage these concepts to develop interventions promoting better saving, spending, and debt management.
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