Children, Object Value, and Persuasion

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/148408/1/jcpy1097_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/148408/2/jcpy1097.pd

Spendthrifts and Tightwads in Childhood: Feelings about Spending Predict Children’s Financial Decision Making

Adults differ in the extent to which they find spending money to be distressing; “tightwads” find spending money painful, and “spendthrifts” do not find spending painful enough. This affective dimension has been reliably measured in adults and predicts a variety of important financial behaviors and outcomes (e.g., saving behavior and credit scores). Although children’s financial behavior has also received attention, feelings about spending have not been studied in children, as they have in adults. We measured the spendthrift–tightwad (ST–TW) construct in children for the first time, with a sample of 5‐ to 10‐year‐old children (N = 225). Children across the entire age range were able to reliably report on their affective responses to spending and saving, and children’s ST–TW scores were related to parent reports of children’s temperament and financial behavior. Further, children’s ST–TW scores were predictive of whether they chose to save or spend money in the lab, even after controlling for age and how much they liked the offered items. Our novel findings—that children’s feelings about spending and saving can be measured from an early age and relate to their behavior with money—are discussed with regard to theoretical and practical implications. Copyright © 2017 John Wiley & Sons, Ltd.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/144659/1/bdm2071_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/144659/2/bdm2071.pd

The Platformed Money Ecosystem: Digital Financial Platforms, Datafication, and Reimagining Financial Well-being

Digital financial platforms have become an integral part of consumers\u27 lives–resulting in the datafication of everyday life and potential for uniquely impacting financial well-being. Extending previous transformative consumer research, we suggest financial well-being must center the ways digital financial platforms and their resulting data are increasingly enmeshed with financial decision making and consumption. Drawing on a theoretical lens of platformization, we propose the Platformed Money Ecosystem, which accounts for increased embeddedness of digital financial platforms within consumers\u27 lives and the subtlety of how everyday life is transformed into data: producing data at the micro-level, monetizing data at the meso-level, and regulating data at the macro-level. In conceptualizing the Platformed Money Ecosystem, we identify three data-informed considerations for scholars and policymakers to reimagine financial well-being: protecting consumer data, limiting data biases, and supporting data literacy