Spender or Saver? The Choice May Not be Yours — Joshua Ackerman

MIT Sloan Asst. Prof. Joshua Ackerman

From WSJ Marketwatch

During a recession, why do some people spend money while others save?

Money issues can be grounds for conflict in relationships. One person may be a spender while the other is a saver. Throw in financial stress such as an economic recession and one person’s preference can seem completely irrational to the other.

How can people be so different when it comes to the “right” decisions? Recent research shows that our childhood economic environments have a lot to do with how we make financial decisions and handle financial risk later in life

Read the full post at Marketwatch

Joshua Ackerman is assistant professor of marketing at the MIT Sloan School of Management and co-author of “When the Economy Falters, Do People Spend or Save? Responses to Resource Scarcity Depend on Childhood Environments,” published in the Feb. 8 issue of Psychological Science.

New Year’s resolutions: Have you kept yours? — Joshua Ackerman

MIT Sloan Prof. Joshua Ackerman

January 1st is a popular time of year to make resolutions. The U.S. government even tracks the most popular resolutions, which include drinking less alcohol, eating healthy foods, getting fit and getting a better job.

However, research shows that these types of resolutions are prone to failure. Perhaps the biggest reason is that they aren’t actual goals, but rather lifestyle changes. To increase your likelihood of following through on a resolution, you need to develop a plan in addition to the ultimate goal.

Read More »