Preschoolers' Saving Behavior: The Role of Planning and Self-Control

Imagining the future improves saving in preschoolers

Preschoolers are notoriously poor at delaying gratification and saving limited resources, yet evidence-based methods of improving these behaviors are lacking. Using the marble game saving paradigm, we examined whether young children's saving behavior would increase as a result of engaging in future-oriented imagination using a storyboard. Participants were 115 typically developing 4-year-olds from a midwestern U.S. metropolitan area (Mage = 53.48 months, SD = 4.14, range = 47-60; 54.8% female; 84.5% White; 7.3% Hispanic/Latino ethnicity; median annual household income = $150,000-$174,999). Children were randomly assigned to one of four storyboard conditions prior to the marble game: Positive Future Simulation, Negative Future Simulation, Positive Routine, or Negative Routine. In each condition, children were asked to imagine how they would feel in the future situation using a smiley face rating scale. Results showed that children were significantly more likely to save (and to save more marbles) in the experimental conditions compared with the control conditions (medium effect sizes). Moreover, imagining saving for the future (and how good that would feel) was more effective at increasing saving behaviors than imagining not saving (and how bad that would feel). Emotion ratings were consistent with the assigned condition, but positive emotion alone did not account for these effects. Results held after accounting for game order and verbal IQ. Implications of temporal psychological distancing and emotion anticipation for children's future-oriented decision making are discussed.

The impact of strategies on young children's saving for the future

The ability to save resources for future use, or saving, begins to emerge around 3 years of age, but children show low rates of saving during the preschool years. Thus, several strategies have been used to improve preschoolers' saving, such as providing a prompt, budgeting, increasing psychological distance, and simulating the future. The current study investigated (a) the development of saving in early childhood, (b) the impact of several saving strategies on children's saving (i.e., budgeting, tracking expenses, and psychological distance), and (c) whether the effectiveness of the strategies changed with age. Here, 3- to 5-year-old Canadian children (N = 254) completed the Saving Board Game, and their parents completed the saving subscale of the Children's Future Thinking Questionnaire. In the Saving Board Game, children were randomly assigned to one of the five strategies: (a) control, (b) budgeting, (c) tracking, (d) adult perspective, or (e) child perspective. An analysis of covariance with age, strategy, and response option order (as a covariate) showed a main effect of age, with 5-year-olds saving more than 3-year-olds. There was no effect of strategy or an interaction between strategy and age on children's token saving. Parent-reported child saving was positively correlated with children's Saving Board Game performance only in the control condition. We consider why these strategies failed to increase children's saving.

Moving beyond "Spoon" tasks: When do children autocue their episodic future thought?

Much developmental (and comparative) research has used Tulving's Spoon test (i.e., whether an individual will select an item needed to solve a future problem) as the basis for designing tasks to measure episodic future thinking, defined as the capacity to mentally pre-experience the future. There is, however, intense debate about whether these tasks successfully do so. Most notably, it has been argued that children may pass (i.e., select an item with future utility) by drawing on non-episodic, associative processes, rather than on the capacity to represent the future, per se. Although subsequent developmental tasks have sought to address this limitation, we highlight what we argue is a more fundamental shortcoming of Spoon tasks: they prompt future-directed action making it impossible to determine whether children have used their episodic future thinking to guide their behavior. Accordingly, we know little about children's thought about the future that is independently generated (i.e., without prompting), or autocued, and is subsequently reflected (and measurable) by children's actions. We argue that this capacity is a critical, and heretofore overlooked, transition in future-oriented cognition that may not occur until middle childhood. We further hypothesize that it is reliant on children developing richer and more detailed future event representations, along with the necessary cognitive control to transform these representations into actions that serve to benefit their future selves. The time is ripe for researchers to explore this aspect of cognitive development and we suggest several novel approaches to do so. This article is categorized under: Cognitive Biology > Cognitive Development.

Children's future-oriented cognition

Children's future-oriented cognition has become a well-established area of research over the last decade. Future-oriented cognition encompasses a range of processes, including those involved in conceiving the future, imagining and preparing for future events, and making decisions that will affect how the future unfolds. We consider recent empirical advances in the study of such processes by outlining key findings that have yielded a clearer picture of how future thinking emerges and changes over childhood. Our interest in future thinking stems from a broader interest in temporal cognition, and we argue that a consideration of developmental changes in how children understand and represent time itself provides a valuable framework in which to study future-oriented cognition.