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. 2021 Jul 8;16(7):e0253938. doi: 10.1371/journal.pone.0253938. eCollection 2021.

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.

Publication types

  • Comparative Study
  • Meta-Analysis
  • Research Support, Non-U.S. Gov't

MeSH terms

  • Empirical Research*
  • Financing, Personal
  • Humans
  • Income*
  • Publication Bias
  • Risk
  • Self-Control*
  • Social Media*

Grants and funding

This work was supported by a grant from the Social Sciences and Humanities Research Council Canada [grant number 435-2019-1098].