The young adults’ ability for delayed gratification

Abstract

THE AIMS OF THE PAPER

The study is focusing on the financial literacy of young adults (18-35), specifically on the relationship of the time-perspective, the ability of delaying gratification and the financial well-being.

METHODOLOGY

The nature of this topic needs an interdisciplinary approach, hence findings from psychology, sociology and consumer behaviour are encapsulated in this paper. A representative online survey with 300 respondents (age 18-35) was conducted. 50,8% of the respondents are male, and 49,2% are female. As measurement tools the Delaying Gratification Inventory (Hoerger et al. 2011) and the Time Preference Scale (Zimbardo and Boyd 1999) were used.

MOST IMPORTANT RESULTS

Based on findings the future orientation has got the largest effect, especially on ability of delaying gratification. Present hedonism has got a significant effect on financial dimension of delayed gratification.

RECOMMENDATIONS

Results provide insights not only for marketers but for educators about marketing communication of financial products and services. The young consumers are not homogenous group, so they need different communication tools and messages according to their time orientation and abilty to daleyed gratification.

„This work was created in commission of the National University of Public Service under the priority project KÖFOP-2.1.2-VEKOP-15-2016-00001 titled „Public Service Development Establishing Good Governance”  and Budapest Metropolitan University and Corvinus University of Budapest.”