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<\/a><\/p>\nJohn Lynch, Richard Netemeyer, Stephen Spiller, Alessandra Zammit have recently published in the Journal of Consumer Research this article<\/a> on the propensity to plan and financial well being<\/p>\n ABSTRACT<\/p>\n Planning has pronounced effects on consumer behavior and intertemporal choice. We develop a six-item scale measuring individual differences in propensity to plan that can be adapted to different domains and used to compare planning across domains and time horizons. Adaptations tailored to planning time and money in the short run and long run each show strong evidence of reliability and validity. We find that propensity to plan is moderately domain-specific. Scale measures and actual planning measures show that for time, people plan much more for the short run than the long run; for money, short- and long-run planning differ less. Time and money adaptations of our scale exhibit sharp differences in nomological And while reading the article is fun, it’s also a hoot to take the propensity to plan test yourself, and give it to your friends and family. Give it a whirl, see if it accords with their behavior. Here are the items. Feel free to post your score in the comments.<\/p>\n For each question, answer on a scale from 1 to 6 in which 1 means “I strongly disagree” and 6 means “I strongly agree.\u201d Propensity to Plan for Money\u2014Long Run:<\/strong> Propensity to Plan for Time\u2014Short Run:<\/strong> Propensity to Plan for Time\u2014Long Run:<\/strong> ARTICLE TEXT [Download<\/a>]<\/p>\n MEDIA MENTIONS Yahoo Finance: http:\/\/finance.yahoo.com\/retirement\/article\/109540\/fast-track-to-financial-success<\/a><\/p>\n
\ncorrelates; short-run and long-run adaptations differ less. Domain-specific adaptations predict frequency of actual planning in their respective domains. A “very long-run” money adaptation predicts FICO credit scores; low planners thus face materially higher cost of credit.<\/p><\/blockquote>\n
\nPropensity to Plan for Money\u2014Short Run:<\/strong>
\n1. I set financial goals for the next few days for what I
\nwant to achieve with my money.
\n2. I decide beforehand how my money will be used in
\nthe next few days.
\n3. I actively consider the steps I need to take to stick to
\nmy budget in the next few days.
\n4. I consult my budget to see how much money I have
\nleft for the next few days.
\n5. I like to look to my budget for the next few days in
\norder to get a better view of my spending in the future.
\n6. It makes me feel better to have my finances planned
\nout in the next few days.<\/p>\n
\n1. I set financial goals for the next 1\u20132 months for what
\nI want to achieve with my money.
\n2. I decide beforehand how my money will be used in
\nthe next 1\u20132 months.
\n3. I actively consider the steps I need to take to stick to
\nmy budget in the next 1\u20132 months.
\n4. I consult my budget to see how much money I have
\nleft for the next 1\u20132 months.
\n5. I like to look to my budget for the next 1\u20132 months
\nin order to get a better view of my spending in the
\nfuture.
\n6. It makes me feel better to have my finances planned
\nout in the next 1\u20132 months.<\/p>\n
\n1. I set goals for the next few days for what I want to
\nachieve with my time.
\n2. I decide beforehand how my time will be used in the
\nnext few days.
\n3. I actively consider the steps I need to take to stick to
\nmy time schedule the next few days.
\n4. I consult my planner to see how much time I have left
\nfor the next few days.
\n5. I like to look to my planner for the next few days in
\norder to get a better view of using my time in the
\nfuture.
\n6. It makes me feel better to have my time planned out
\nin the next few days.<\/p>\n
\n1. I set goals for the next 1\u20132 months for what I want
\nto achieve with my time.
\n2. I decide beforehand how my time will be used in the
\nnext 1\u20132 months.
\n3. I actively consider the steps I need to take to stick to
\nmy time schedule in the next 1\u20132 months.
\n4. I consult my planner to see how much time I have left
\nfor the next 1\u20132 months.
\n5. I like to look to my planner for the next 1\u20132 months
\nin order to get a better view of using my time in the
\nfuture.
\n6. It makes me feel better to have my time planned out
\nin the next 1\u20132 months.<\/p>\n
\nWall Street Journal: http:\/\/jcr.wisc.edu\/publicity\/authors\/docs\/SUNJ.AA.1A020.A1.361Z2009.pdf<\/a><\/p>\n