Wendy De La Rosa

speaker
106 appearances 1 recordings 1 series first heard Feb 2022 last heard Feb 2022

Wendy De La Rosa’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Getting Paid Daily Can Change Your Spending Habits · 16 Feb 2022 podcast
Thinking about spending decisions that people make every day, we had participants essentially go through a whole month of life.
They had to work, they earned income, they incurred expenses, they had to pay bills, sometimes they incurred unexpected expenses.
And throughout that period, they also had to make spending decisions.
Like, yeah, I'm really tired.
Should I order takeout today or kind of suck it up and cook at home?
Or, you know, it's a friend's birthday.
What type of gift do I give that person?
Or a colleague invited me out for drinks after work.
Do I say no or do I go home?
Do I buy inexpensive pair of sneakers or cheap pair of sneakers?
And then what we did was that we varied the payment frequency of participants.
So participants were randomly assigned into one of two conditions.
a high payment frequency condition where they were paid every day, Monday through Friday, and a low payment frequency condition where they were paid every week or sometimes every two weeks, depending on the study.
What we found was that for every additional paycheck you receive in a month, you spent a little bit more and you made more purchases.
So every additional paycheck in our sample essentially led to three additional purchases.
That's really meaningful when you consider that 40% of Americans don't have $400 in savings.
That's a type of spending that I think we need to look at.
And when we look at the expenditures, it's really expenditures on the margin.
Am I going to buy that extra coffee today?
Am I going to eat out today?
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