{"id":128,"date":"2017-05-16T09:28:48","date_gmt":"2017-05-16T13:28:48","guid":{"rendered":"https:\/\/carleton.ca\/lifetools\/?page_id=128"},"modified":"2024-02-14T13:55:31","modified_gmt":"2024-02-14T18:55:31","slug":"research","status":"publish","type":"page","link":"https:\/\/carleton.ca\/lifetools\/research\/","title":{"rendered":"Spending"},"content":{"rendered":"

Personal Spending
\n<\/strong><\/h2>\n

Financial decisions are a common feature of daily life – we have to decide whether we want to budget more or less for a hobby or night out or even a grocery trip. Financial self-control \u2013 following up on goals to save money and spending it judiciously \u2013 is hard and people frequently fall short on their intentions. For example, only 22.9% of Canadians contribute to a Registered Retirement Savings Plan (Statistics Canada, 2017) even though most agree that saving for the future is an important goal. As part of a SSHRC funded research programme, the lab studies daily financial decisions and to identify tools that help people bring their spending in line with their goals.<\/p>\n

You can also check out “Financial Matters<\/a>“, a Psychology Today Blog summarizing some of our research or watch Johanna Peetz’ podcast with Rational Reminder<\/a>!<\/p>\n

<\/p>\n

Financial self-control strategies<\/h4>\n

One research project, spearheaded by Mariya Davydenko, set out to collate the cognitive and behavioural strategies known to behavioural scientists that can help financial self-control. In a meta-analysis, we collated the most common financial self-control strategies mentioned in the academic literature, in a sample of media articles, and mentioned by a sample of 1000 participants. Here is a summary of the most common strategies:<\/p>\n

\"\"<\/p>\n

<\/p>\n

Watch a 2 min video on some financial self-control strategies YOU can use to help you spend less!<\/p>\n

\"\"<\/a><\/p>\n

<\/p>\n

Or read this open access article on which strategies were most effective in reducing monthly spending:<\/p>\n

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<\/p>\n

<\/p>\n

Other research on Financial Decisions and Personal Spending from our lab<\/h4>\n

Davydenko, M. & Peetz, J. (in press) Does timing of self-control strategies matter? How focusing on proactive versus reactive strategies affect monthly spending. Basic and Applied Psychology<\/em>.<\/p>\n

Gennara, A., Peetz, J., & Milyavskaya, M. (2023). When more is less: Self-control strategies are seen as less indicative of self-control than just willpower. Journal of Experimental Social Psychology<\/i>, 106<\/i>, 104457.<\/p>\n

Peetz, J., & Davydenko, M. (2022). Financial Self-regulation. Social and Personality Psychology Compass. <\/em>http:\/\/doi.org\/10.1111\/spc3.12663<\/p>\n

Peetz, J., & Davydenko, M. (2021). Financial self-control strategy use: Reminders of personal strategies (but not expert strategies) reduce spending. <\/strong>Journal of Experimental Social Psychology.<\/em><\/p>\n

Davydenko, M., Kolbuszewska, M., & Peetz, J. (2021). Financial self-control strategies: A meta-analysis, media analysis, and lay person perspective on strategies to curb spending and promote saving. PLosOne<\/em>.<\/p>\n

Peetz, J., Robson, J., & Xuereb, S. (2021). The role of income volatility and perceived locus of control in financial planning decisions. Frontiers in Psychology, 12, 1818. <\/em>https:\/\/doi.org\/10.3389\/fpsyg.2021.638043<\/p>\n

Peetz, J., Davydenko, M., & Wohl, M. J. A. (2021). The cost of self-forgiveness: Incremental theorists spend more money after forgiving the self for past overspending. Personality and Individual Differences, 179<\/em>, 110902<\/p>\n

Robson, J., & Peetz, J. (2020). Gender differences in financial knowledge, attitudes, and behaviors: Accounting for socioeconomic disparities and psychological traits. Journal of Consumer Affairs<\/em>, 54<\/em>(3), 813-835.<\/p>\n

Davydenko, M., & Peetz, J. (2020). Shopping less with shopping lists: Planning individual expenses ahead of time affects purchasing behavior when online grocery shopping. Journal of Consumer Behaviour<\/em>, 19<\/em>(3), 240-251.<\/p>\n

Soliman, M., Buehler, R., & Peetz, J. (2017). Envisioning a future purchase: The effects of consumption imagery perspective and identity on consumer motivation. Psychology and Marketing<\/em>, 34<\/em>(7), 684-692.<\/p>\n

Peetz, J. & Soliman, M. (2016). Big money: The effect of money size on value perceptions and saving motivation. Perception, 45(6), <\/em>631-641.<\/p>\n

Peetz, J., Simmons, M., Chen, J., & Buehler, R. (2016). Predictions on the go: Prevalence of spontaneous spending predictions. Journal of Judgment and Decision Making<\/em>, 11 (1), 48-61.<\/p>\n

Peetz, J., Buehler, R., Koehler, D. & Moher, E. (2015). Bigger not better: Unpacking future expenses inflates spending predictions. Basic and Applied Social Psychology, 37, <\/em>19-30.<\/p>\n

Peetz, J., & Buehler, R. (2013). Different goals, different predictions: Accuracy and bias in financial planning for events and time periods. Journal of Applied Social Psychology, 43<\/em>, 1079-1088.<\/p>\n

Peetz, J., & Buehler, R. (2012). When distance pays off: The role of construal level in spending predictions. Journal of Experimental Social Psychology<\/em>, 48<\/em>, 395-398.<\/p>\n

Peetz, J., & Buehler, R. (2009). Is there a budget fallacy? The role of savings goals in the prediction of personal spending. Personality and Social Psychology Bulletin, 35<\/em>, 1579-1591.<\/p>\n","protected":false},"excerpt":{"rendered":"

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