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Future Focus is Surprisingly Linked with Prioritizing Work–Life Balance over Long-Term Savings

Author

Listed:
  • Lahav Eyal

    (Management and Economics Department, The Open University of Israel, Raanana, Israel)

  • Barokas Guy

    (The Interdisciplinary Decision Research Center, Rupin Academic Center, Emek Hefer, Israel)

  • Shavit Tal

    (The Department of Economics and Business Administration, Ariel University, Ariel, Israel)

Abstract

The classic economic prediction is that long-term savings become more important as individuals become more future oriented. However, we expect future-oriented individuals to be more concerned with the long-term effects of work-life imbalance, leading us to hypothesize a positive correlation between future orientation and a choice of present work-life balance over work related long-term savings. In an online survey with open-university students, we confirmed our hypothesis. Important policy implications are discussed. The findings highlight a potential shift in priorities post-COVID-19, with significant implications for policies aimed at enhancing retirement savings. They suggest that promoting WLB can lead to a decrease in long-term savings, indicating a need for balanced policy measures that consider both well-being and future financial security.

Suggested Citation

  • Lahav Eyal & Barokas Guy & Shavit Tal, 2024. "Future Focus is Surprisingly Linked with Prioritizing Work–Life Balance over Long-Term Savings," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 24(4), pages 1329-1339.
    • Handle: RePEc:bpj:bejeap:v:24:y:2024:i:4:p:1329-1339:n:1010
    DOI: 10.1515/bejeap-2024-0117
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    More about this item

    Keywords

    future focus; happiness; work–life balance; long-term savings;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor

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