Context

According to time perspective theory (Zimbardo & Boyd, 1999), people can be grouped into different categories according to how they feel about time – e.g. do they focus more on the past, present, or on the future? People with a present-fatalistic time perspective are those who feel negatively about the present but unable to steer their way towards a better future. They feel trapped by their circumstances or fate, and may believe that random chance has more to do with where they end up than hard work. Given these attitudes, we might expect people with a present-fatalistic time perspective to be less inclined to save money: If you don’t believe you can shape your future, why bother preparing for it?

This aligns with the the theory of reasoned and planned behaviour (Azjen & Fishbein, 2005), which states that any behaviour is preceded by an intention to perform or engage in that action. However, little research to date has investigated any potential link between the present-fatalistic time perspective and intention to save.

The study

To test the two theories outlined above the study aimed to understand three research questions:

1. Are individuals with a present-fatalistic time perspective less likely to save money?
2. Do individuals with a present-fatalistic time perspective have a lower intention to save money?
3. Does an individual’s intention to save money influence their saving behaviour?

An on-line survey (created specifically for this study) measuring saving attitudes and time perspective, sampled 232 individuals from a Midwestern American University. The sample was predominantly female (56%), with ages ranging from 18 – 78. The analysis used structural equation modelling.

Key findings

• Individuals with a present-fatalistic time perspective were less likely to save money (finding significant at the p < .05 level).
• Individuals with a present-fatalistic time perspective did not exhibit a lower intention to save money.
• An individual’s intention to save money does influence their saving behaviour (finding significant at the p < .05 level).

The findings confirm that that there appears to be a connection between intention/saving behaviour and present-fatalistic time perspective/saving behaviour. Interestingly, the study found no connection between present-fatalistic time perspective and saving intention. This suggests that present-fatalistic individuals had the intention to save, but this did not translate into action – counteracting the theory of reasoned and planned behaviour.

Points to consider

• Whilst the three questions measuring savings behaviour were selected by statistical relatedness, the items themselves were not taken from existing validated tools. As such, these questions validity/reliability beyond this study is questionable.
• Little research has been carried out into the relationship attitudes towards time might have on saving behaviour. This is an important step in helping to distinguish the effect of motivation and perception of time.
• All of the study participants were drawn from one university in the United States. As such, the findings may not be generalizable to other contexts.
• Findings indicate that an individuals’ perception of time should be taken into account when attempting to change saving behaviour. This may provide some valuable insight concerning the ‘spend now, save later’ mindset. Programmes might consider tailoring interventions towards individuals with this specific type of time perception (e.g. emphasising that saving benefits the ‘now’ as well as the ‘future’).

Full report

Saving habits of individuals with present fatalistic time perspectives - full report