Let's Make a Deal

Would you rather have $74 in three days or $115 in three months?

That’s the question UK researchers put to more than 40,000 participants through a BBC website. They wanted to know if a person's tendancy to spend or save comes from their understanding of financies or if it the decision reflects the person's overall personality.

Almost half of those responding preferred getting quick cash. This impulsive group turned down an interest rate hundreds of times higher than what they could get from normal investments. The people showing this a desire for immediate gratification was also more likely to indulge in other impulsive behaviors.. like overeating, smoking and even infidelity. The financial impulsivity was a common theme running through their lives.

The study was conducted by University College London and the University of Warwick. You'll find details in the journal Personality and Individual Differences. (The question was actually given in pounds instead of dollars. So the choice was 45 or 70 pounds).

Stephen Goforth