What Makes Planners Tick

Thursday, December 31, 2009, 16:53

When it comes to managing time and money, planning can bring tangible benefits to consumers.

Research teams after analysing five studies including both, adult participants and undergraduates, found out that planning is domain specific.

There are two types of planners, money planners and time planners.

Money planners are more likely to score high on scales measuring frugality, impulse buying, coupon proneness, value consciousness and to be classified as 'tightwads' rather than 'spendthrifts'.

Those who are identified as time planners, score high in conscientiousness, intolerance of uncertainty, need for closure, and self-control.

The study also showed that people plan much more for the short-run use of their time than for the long run. This explains why people believe they will have time in the future but not necessarily more money.