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Ever wonder what helps some folks handle money better than others?
Recent information from the American Psychological Association might offer some insight into this issue. And, psychologists can help people with willpower.
It’s probably not a surprise to read that money and the economy are top causes of stress for Americans, as shown in APA’s most recent Stress in America Survey. Whether it’s thinking about paying the mortgage, buying groceries, or saving money a lot of brain power is devoted to making financial decisions. These financial decisions, big or small, require willpower.
One way to understand willpower is that it is like a muscle that can become tired. As you exert your willpower, it begins to lose its strength. Recent research indicates that people whose willpower is run down are more likely to spend an increased amount of money and purchase additional items than those who haven’t recently exerted their willpower. Low willpower, research suggests, can lead to less control over spending.
People who are constantly faced with tough financial decisions, such as those who are less financially stable, more readily deplete their willpower.
March 13, 2017|Practice News
Due to the winter storm, all CPA offices will be CLOSED on Tuesday, March 14th. If you have an appointment scheduled…Read More
February 12, 2017|Practice News
Due to the winter storm, all CPA offices will be CLOSED on Monday, February 13th. If you have an appointment…Read More