To spend or to save? The role of time perspective in the saving behavior of children

Abstract

Purpose This study aims to focus on the possibility of promoting saving behaviors in children by activating a future time perspective (TP) in their thinking. Design/methodology/approach An experimental study of 8- to 11-year-old children (N = 212) was conducted in which future and present hedonistic TPs were induced. Findings The results suggest that inducing a future TP can modify children’s financial behavior, making them more inclined to save their money. However, the induction of a present hedonistic TP had no significant effect on children’s financial decisions. Originality/value This study improves current theoretical knowledge concerning the effectiveness of psychological interventions in fostering saving behaviors in children and answers the question posed of how the economically desirable behavior of saving may be enhanced in children. Thus, inducing a future TP in children by showing them the benefits of focusing on the future might constitute a useful means of strengthening children’s saving abilities.