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A meta-analysis of financial self-control strategies: Comparing empirical findings with online media and lay person perspectives on what helps individuals curb spending and start saving

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  • Mariya Davydenko
  • Marta Kolbuszewska
  • Johanna Peetz

Abstract

Self-control can be assisted by using self-control strategies rather than relying solely on willpower to resist tempting situations and to make more goal-consistent decisions. To understand how self-control strategies can aid financial goals, we conducted a meta-analysis (Study 1) to aggregate the latest research on self-control strategies in the financial domain and to estimate their overall effectiveness for saving and spending outcomes. Across 29 studies and 12 different self-control strategies, strategies reduced spending and increased saving significantly with a medium effect size (d = 0.57). Proactive and reactive strategies were equally effective. We next examined whether these strategies studied in the academic literature were present in a media sample of websites (N = 104 websites with 852 strategies) and in individuals’ personal experiences (N = 939 participants who listed 830 strategies). About half the strategies identified in the meta-analysis were present in the media sample and about half were listed by lay participants as strategies they personally use. In sum, this paper provides a comprehensive overview of the self-control strategies that have been studied in the empirical literature to date and of the strategies promoted in the media and used in daily life, identifying gaps between these perspectives.

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  • Mariya Davydenko & Marta Kolbuszewska & Johanna Peetz, 2021. "A meta-analysis of financial self-control strategies: Comparing empirical findings with online media and lay person perspectives on what helps individuals curb spending and start saving," PLOS ONE, Public Library of Science, vol. 16(7), pages 1-25, July.
    • Handle: RePEc:plo:pone00:0253938
    DOI: 10.1371/journal.pone.0253938
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    1. Min Jung Kim, 2022. "Two sides of the same coin: The simultaneous effects of spending and saving needs on budget estimation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(4), pages 360-371, December.

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