Does Self-control Predict Wealth Creation Among Young Baby Boomers?

Griesdorn, Tim S.; Durband, Dorothy B.

doi:10.1007/s10834-015-9437-4

Cited by 8 publications

(8 citation statements)

References 34 publications

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“…Zagorsky (2007), for instance, finds a positive relationship of self-concept, self-esteem, and locus of control with net worth in the NLSY cohort. Griesdorn and Durband (2016) and Moffitt and colleagues (2011) also document positive ties of locus of control (and in the case of Griedson and Durband, self-concept) with wealth. To our knowledge, the literature does not address the influence of high school grades on subsequent wealth.…”

Section: Skills and Wealthmentioning

confidence: 94%

What Skills Can Buy

Doren

Grodsky

2016

Sociol Educ

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Parental income and wealth contribute to children’s success but are at least partly endogenous to parents’ cognitive and noncognitive skills. We estimate the degree to which mothers’ skills measured in early adulthood confound the relationship between their economic resources and their children’s postsecondary education outcomes. Analyses of NLSY79 suggest that maternal cognitive and noncognitive skills attenuate half of parental income’s association with child baccalaureate college attendance, a fifth of its association with elite college attendance, and a quarter of its association with bachelor’s degree completion. Maternal skills likewise attenuate a third of parental wealth’s association with children’s baccalaureate college attendance, half of its association with elite college attendance, and a fifth of its association with bachelor’s degree completion. Observational studies of the relationship between parents’ economic resources and children’s postsecondary attainments that fail to account for parental skills risk seriously overstating the benefits of parental income and wealth.

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Section: Skills and Wealthmentioning

confidence: 94%

What Skills Can Buy

Doren

Grodsky

2016

Sociol Educ

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“…Although the association between wealth and soft skills is robust, its underlying mechanisms have received little attention in this work. Whether wealth affects soft skills primarily through neighborhood school advantage, classed disparities in parental investment in children, or social status signals such as the latest technology and up-market brand clothing, a longitudinal educational dataset that tracks wealth and soft skills promises to shed further light on whether and how such skills catalyze educational attainment and wealth accumulation over time (Griesdorn and Durband, 2016;Yadama and Sherraden, 1996). Renewed qualitative research on family wealth (Johnson, 2014;Shapiro, 2004) could also advance understanding of underlying process mechanisms and become the impetus for subsequent studies that move beyond current research on how wealth affects soft skills.…”

Section: Limitations and Future Researchmentioning

confidence: 99%

Household wealth and adolescents' social-emotional functioning in schools

Ream

Gottfried

2019

Social Science Research

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This study attempts a two-part shift in educational research narrowly fixated on the socioeconomic determinants of student test-score performance. First, we focus on variations in how to measure wealth. Second, we move beyond achievement and focus on the wealth determinants of adolescents' social-emotional competencies. Using data from a nationally-representative sample of US eighth graders, we find that the correlation between wealth and social-emotional competencies varies according to how the partitions among the upper class, the middle and working classes, and the poor are defined. By emphasizing wealth in the production of classed socialemotional competencies not captured by test scores, our findings suggest that the growth of household wealth has a more salient effect for lower-and middle-class adolescents than the highest class which appears to have the least to gain, in terms of social-emotional competencies, from an increase in household wealth. In the half century since the influential Coleman Report (Coleman et al., 1966), most research on academic achievement disparities in the US has focused narrowly on the link between students' socioeconomic standing, often in the form of parental income, and their test scores (

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“…The control condition (MEst = $2191.93, SE = 97.65) did not significantly differ from the reactive condition, B = 206.16, 95% CI [-72.18; 484.50], p = .146, or proactive condition, B = -201.85, 95% CI [-477.80; 74.09], p = .151. Discussion Spending temptations are common in daily life and falling short of financial goals can have severe consequences for interpersonal relationships (Koval et al, 2014), physical health (Vohs & Heatherton, 2000), and financial success (Griesdorn & Durband, 2016;Roberts & Manolis, 2012). Self-control strategies can help with achieving financial goals.…”

Section: Spending Differences By Conditionmentioning

confidence: 99%

Are proactive financial self-control strategies more effective in reducing spending than reactive strategies?

Peetz¹,

Davydenko²

2023

Preprint

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Self-control strategies help people resist tempting situations and make more goal-consistent decisions. The Process Model of Self-Control and the Preventive-Interventive Model of Self-Control suggest the most effective strategies are those used before a person encounters a temptation. We examined how proactive self-control strategies (used before a spending temptation) and reactive strategies (used during a spending temptation) impact monthly spending. We randomly assigned participants to watch videos about proactive or reactive strategies, and asked them to self-generate and focus on using these types of strategies over the course of a month. Participants who were assigned to focus on proactive strategies reported spending on average $469 less during that month than those who were assigned to focus on reactive strategies. This finding suggests that, in line with self-control theories, strategies employed before facing a spending temptation are more effective for controlling spending than strategies employed when facing a temptation.

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Does Self-control Predict Wealth Creation Among Young Baby Boomers?

Cited by 8 publications

References 34 publications

What Skills Can Buy

What Skills Can Buy

Household wealth and adolescents' social-emotional functioning in schools

Are proactive financial self-control strategies more effective in reducing spending than reactive strategies?

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