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
Well, to understand why we're seeing this increase in spending, we went back to the lab.
And we went back to our life simulations and we asked people a number of questions about their subjective wealth perceptions.
Do you feel like you have a lot of money?
Did you feel like you had a little bit of money?
You could be a millionaire and feel very financially constrained.
Or you can have very few resources and feel rich.
What we found was that when people got paid more frequently, they had higher subjective wealth perceptions.
They felt a little bit richer.
And part of the reason for that is, is because
they had greater certainty about their ability to make it through the month.
They weren't as worried.
They weren't as anxious.
It was easier and essentially more certain for them to predict whether or not they were going to make it through the month compared to someone who got paid less frequently.
You know, because we were looking really at people's transaction data, we couldn't look at their savings behavior.
That's actually a research project that's undergoing right now, where we realized that because you feel a little bit richer when you get paid more frequently, when you're asked how much you want to save,
You want to save a little bit more than you would otherwise.
The problem is in our society, oftentimes, people are not asking us every day whether or not we want to save.
People are asking us every day whether or not we want to spend.
And because we feel a little bit richer, we always say yes to that question.
And so what we're researching right now is can we create interventions so that that feeling, that extra feeling of rich, those higher subjective wealth perceptions could actually be formed into an intervention to help people save more.
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