Self-control is a determining factor in consumers' planning skills.
Self-control was assessed by posing the following question:When you
have to do an unpleasant task, do you tend to do it right away or are
you more likely to put it off? About half (49–45%) answered that they
would do the task right away, 30–37% responded that they would put
it off, and the other responses were neutral. Seniors are the most likely
to do the task right away, and younger consumers are more likely than
others to put off the task. In this regard, 60% of those over age 65 indicate
that they would do the task right away, in contrast to 42% between
the ages of 18 and 24. (To simplify exposition, the authors provide the
range, but omit values for intermediate values for age, education, etc.)
For those putting off the task, the corresponding responses were 23%
for those over age 65 and 38% for those between the ages of 18 and 24.
When askedwhether they tend to set specific financial goals ormore
general financial goals, 40–50% of consumers report that they set general
goals, whereas 31–24% report setting specific goals. Middle-income
and affluent consumers are more likely than lower, lower-middle and
upper-middle income consumers to set specific financial goals. Interestingly,
younger households and college graduates are more likely to set
specific financial goals than others. Caucasian consumers aremore likely
than other groups to set general financial goals.
When asked how important it is that managing their finances be
completely within their control, even if it involves considerable effort
on their part, 81–74% respond that it is important. The older is a consumer,
the more likely he or she is to say that it is very important to
have complete control. Hispanic consumers are more likely than others
to say that it is very important to have complete control. In this regard,
89% of those aged 65 and over so respond, whereas 75% of those between
the ages of 18 and 24 respond in this way. As for ethnicity, 87%
of Hispanic consumers respond in this fashion, compared to 82% of
Caucasians and 73% of African Americans. In the June survey, those
with higher incomes, college graduates, and women are more prone
to respond by saying that control is very important.