Page 35 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Insight
While students learn the importance of saving money and setting goals during the Financial Well- Being course’s Goal Setting, Savings, and Wealth-Building module, these findings highlight the need to reinforce the point of balancing short-term wants with long-term financial goals. The course can better equip students to develop a goal-oriented financial planning mindset by identifying cognitive biases contributing to impulsive buying and short-term thinking and providing strategies for setting and sticking to longer-term financial goals.
The findings of this research underscore the need to reinforce the importance of balancing short- term wants with long-term financial goals in the Financial Well-Being course. While the course already includes a module on goal setting, savings, and wealth-building, the survey results suggest that students may need additional support in developing a goal-oriented financial planning mindset. This could involve incorporating more explicit instruction on the cognitive biases that contribute to impulsive buying and short-term thinking, as well as providing students with concrete strategies for setting and sticking to longer-term financial goals.
For example, the course could include activities that help students to identify their own spending triggers and develop strategies for avoiding impulsive purchases. It could also provide students with tools and techniques for visualizing their long-term financial goals and creating a step-by-step plan for achieving them. By equipping students with these skills and strategies, the course can help them to develop a more balanced approach to financial management and make decisions that support their long-term financial well-being.
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