Saving for your future self: The role of imaginary experiences
C. Neil Macrae,Jason P. Mitchell,Marius Golubickis,Nerissa S.P. Ho,Rain Sherlock,Raffaella Parlongo,Olivia C. M. Simpson,Brittany M. Christian +7 more
TLDR
This article explored the possibility that a basic component of mental imagery, spatial visual perspective, may be an important determinant of people's decisions to spend now or save for the future and found that rates of saving were enhanced when a distant-future event was generated from a third-person vs. first-person vantage point, an effect mediated by visual bodily awareness during mental imagery.Abstract:
Despite increased longevity, many people fail to save the funds necessary to support their retirement. In an attempt both to elucidate and remedy this failing, research exploring the “future-self continuity” hypothesis has revealed that temporal discounting is decreased and saving increased when connections between one’s current and future self are strengthened. Here, we explored the possibility that a basic component of mental imagery – spatial visual perspective – may be an important determinant of people’s decisions to spend now or save for the future. The results of two experiments supported this prediction. Rates of saving were enhanced when a distant-future event was generated from a third-person vs. first-person vantage point, an effect that was mediated by visual bodily awareness during mental imagery.read more
Citations
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The restless mind
TL;DR: Evidence suggests that mind wandering shares many similarities with traditional notions of executive control, and can be seen as a goal-driven process, albeit one that is not directed toward the primary task.
Journal Article
Saving For the Future Self: Neural Measures of Future Self-Continuity Predict Temporal Discounting
TL;DR: It is found that individual differences in current vs future self activation predicted temporal discounting assessed behaviorally a week after scanning, and these findings hold implications for significant financial decisions, such as choosing whether to save for the future or spend in the present.
Journal ArticleDOI
A test of a triadic conceptualization of future self-identification.
Michael T. Bixter,Samantha L. McMichael,Cameron J. Bunker,Robert Mark Adelman,Morris A. Okun,Kevin J. Grimm,Oliver Graudejus,Virginia S. Y. Kwan +7 more
TL;DR: The research built on existing measures to test the validity of a three-component model of future self-identification and established the psychometric properties of the measure, and examined the relationships between the components and four outcome domains of interest.
Journal ArticleDOI
Imagining Events Alternative to the Present Can Attenuate Delay Discounting.
TL;DR: Compared to attending to the present, imagining the future reduced DD, but this only held for individuals who claimed vivid pre-experiencing of future events, suggesting that a shift in perspective from the perceptual present towards mentally constructed experience can downplay the appraisal of immediate rewards in favor of larger-delayed rewards, regardless of the location of the imagined experience in subjective time.
Journal ArticleDOI
Preschoolers' Saving Behavior: The Role of Planning and Self-Control
TL;DR: Planning and self-control were examined in relation to preschoolers' saving behavior and found that those who consistently budgeted at least one marble for the more desirable run were more likely to save.
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