Page 34 - Payne Research Center ~ Money Matters

P A YN E C E N T E R . OR G
The tendency to prioritize short-term gratification over long-term financial security is a common challenge, particularly in a consumer-driven society that promotes instant gratification. Easy access to credit and targeted advertising can exacerbate this tendency, making it more difficult for individuals to resist impulsive spending and focus on their long-term financial goals. For college students, who often have limited incomes and face numerous financial pressures, the allure of immediate gratification can be particularly strong.
However, as Bandura (1989) argues, individuals have the capacity to exercise agency and control their actions. By developing self-regulation skills and cultivating a long-term perspective, students can learn to resist the temptation of instant gratification and make financial decisions that align with their long- term goals. Additionally, Bartee and Brown (2007) emphasize the importance of multiple forms of capital for African American students, including not only financial capital but also social, cultural, and human capital. By developing these various forms of capital, students can enhance their overall well- being and increase their opportunities for success.
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