More on the famous marshmallow experiment, which tests children’s ability to delay gratification: being able to resist a marshmallow for a bigger reward later is meant to signal future success in life and work. Further studies suggest a child’s social and economic background, rather than willpower, may explain his or her actions.
In a new relationship? Now may be the time to set good money habits with your partner. As research finds, once one person takes on the role of “household CFO” this isn’t likely to change. The other person can begin to rely on that partner – potentially leaving him or her in the lurch in later life when the financial skills might be needed.
The value of social media is hard to measure. Yet research finds that on average people would pay $7.38 per month for Facebook. When asked how much they should be compensated if the platform was taken away, however, the average required is $74.99. The endowment effect can mean we hate to lose things we already have.