Measuring Self-Control

Abstract

How significant are individual differences in self-control?Do these differences impact wealth accumulation?From where do they derive?Our survey-based measure of self-control provides insights into all three questions: 1.There are individual differences in self-control not only of a quantitative but also of a qualitative nature.In our sample, standard self-control problems of overconsumption are no more prevalent than are problems of under-consumption.2.Standard selfcontrol problems do impede wealth accumulation, particularly in liquid form.Problems of underconsumption have the opposite effects.3.Self-control is linked to "conscientiousness", a personality trait much studied by psychologists.There is a related link with financial planning.

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