A Generalizable Scale of Propensity to Plan: The Long and the Short of Planning for Time and for Money

Abstract

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Too Much of a Good Thing: The Benefits of Implementation Intentions Depend on the Number of Goals

“…Perceived Difficulty, Commitment, and Goal Success Thinking concretely about how, when, and where to pursue a goal can alert people to the difficulties that stand in the way of goal achievement (Lynch et al 2010;Trope and Liberman 2003;Zauberman and Lynch 2005). In the case of multiple goal pursuit, the difficulties are numerous.…”

Antecedents and Consequences of Household Financial Management in Brazilian Lower-Middle-Class

“…insurance, loans, investments, etc.) to improve consumers' financial situations can also be considered financial decision-making (Lynch et al 2010, Soll, Keeney, & Larrick, 2011Spiller, 2011;Thaler & Benartzi, 2004 …”

“…Propensity to plan and its effects vary with the situation and from person to person. Propensity to plan may be understood as a reflection of individual differences in terms of (a) frequency in designing goals, (b) frequency and depth in the definition of sub-goals, (c) use of reminders to help see the big picture and restrictions, and (d) personal preference to plan (Lynch et al, 2010). It can be assumed that consumers that tend to plan their finances for the long run can manage their household finances better, since they anticipate costs and expenses in relation to their budget, which improves their ability to make predictions.…”

“…It can be assumed that consumers that tend to plan their finances for the long run can manage their household finances better, since they anticipate costs and expenses in relation to their budget, which improves their ability to make predictions. There are, however, insufficient studies correlating the propensity to plan and the occurrence of default and saving (Lynch et al, 2010;Katona, 1974;Soman 1998). …”

“…Our analysis adopted a framework usually found in consumer behavior models in which consumer responses are influenced by two major set of variables: personal characteristics and sociodemographic variables, such as age, lifecycle, and education level. Based on literature review, three personal characteristics became more evident when analyzing the influence on the household financial management behavior: self-control (Tangney, Baumeister, & Boone, 2004;Baumeister, 2002), preference for the use of credit (Prelec & Lowenstein, 1998;Ponchio, 2006), propensity to plan (Lynch, Netemeyer, Spiller & Zammit, 2010). The constructs of financial control (Antonides, Groot, & Raaij, 2011) and mental budgeting (Heath & Soll, 1996;Thaler & Sustein, 2009;Antonides, Groot, & Raaij, 2011) are the consumer responses which comprise the household finance management behavior.…”