Abstract
The chapter focuses on the relationship between time perspective and economy and consists of three parts: I. The first reviews the history of conceptual and empirical research in time and economy, a special attention is paid to the classic marshmallow test (Mischel et al.) and to the work of Zimbardo and Boyd. II. The second part describes a recent empirical probe in time perspective and saving/spending behavior of a representative Czech sample (N = 1,049). The results confirm the influence of time perspective (assessed by ZTPI) on economic behavior, especially of Future orientation (increased regular saving and loan-repaying behavior, higher past and anticipated purchases of furnishings), Present hedonism (higher anticipation of furnishing purchases), and Present Fatalism (high loans repayment, unlikely purchase of vacations abroad). III. The final part points out the worrisome trends, especially targeting immature consumers, as well as immediate gratification and disregarding future perspective in economy and politics.
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Notes
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There were approximately 32 Czech crowns for one euro and 29 Czech crowns for one US dollar in 2003. http://www.penize.cz/kurzy-men/6596-euro; http://www.finance.cz/makrodata-eu/menove-ukazatele/statistiky/kurzy-czk/
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The significance of the individual independent variables is tested at least twice, at first the equation is tested as a whole so that at least one predictor is significant, then each predictor is tested individually by t-test (multiple linear regression) and Wald’s test (logistic regression).
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Consumer Reports (2007) alerts parents to the bank practices and to scary recruiting techniques targeting minors. Consumer Reports also warns against “hefty activation, maintenance and dormancy fees” along with painful overdraft and decline charges; at the same time it cautions against a practice which entices children with spending bonuses. Kiplinger’s contributor Bodnar (2007) warns that “Although the cards are billed as money-management tools, their main purpose is to make it easier for kids to spend money, especially online.” Both Consumer Reports and Kiplinger quote the new advertising line by UPside card: ‘Now buy online without asking your parents.’
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Dobrescu et al. (2012) point out a common trend—a dramatic decline in national savings over time. “France and Italy, for example, saved over 23 % and 19 % of national income in 1970, but only 9 % and 4 % in 2008; the U.S. saved around 11 % in 1970, but only 1 % in 2008.” Lusardi et al. (2001) point out that the widely reported personal saving rate in the United States has dropped from double digits to below zero.
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Acknowledgment
This project was partially supported by the Institute of Psychology, Academy of Sciences of the Czech Republic—RVO 68081740. The authors are grateful to the Center of the Research of Public Opinion (CVVM) at the Institute of Sociology, Academy of Sciences of the Czech Republic for enabling this study and to its director, Dr. Martin Buchtík, for general support and assistance.
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Klicperová-Baker, M., Košťál, J., Vinopal, J. (2015). Time Perspective in Consumer Behavior. In: Stolarski, M., Fieulaine, N., van Beek, W. (eds) Time Perspective Theory; Review, Research and Application. Springer, Cham. https://doi.org/10.1007/978-3-319-07368-2_23
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