Time Signs Boost Motivation For Financial Plannin

In the post-epidemic era,the instability of the general environment has sounded the alarm for wealth management for individuals and families,and financial planning has become an important issue that everyone needs to face.Therefore,it is essential to raise individuals’ awareness of financial planning,especially to help them set clear financial goals and enhance their motivation for financial planning,in order to promote their financial planning behaviour.This paper introduces the motivational effect of temporal landmarks to the field of financial planning,using them to fuel financial planning,while testing future self-appraisals as an inherent psychological mechanism by which temporal landmarks influence financial planning motivation.In this study,three experiments were conducted to test the effects of temporal landmarks on financial planning motivation.Study 1 used the New Year as a temporal landmark to explore the effect of temporal landmarks on financial planning motivation as well as financial planning propensity.Study 2 manipulated the temporal landmarks in the same way to explore the mediating role of future self-appraisals between temporal landmarks and financial planning motivation.Study 3 used the beginning of the month as a temporal landmark to verify the effect of the temporal landmarks on financial planning motivation and financial planning propensity,and the mediating role of future self-appraisals.The results of the study showed that(1)temporal landmarks increased financial planning motivation;(2)temporal landmarks increased financial planning propensity;and(3)future self-appraisals mediated between temporal landmarks and financial planning motivation.That is,when individuals perceive a new start in time,they have higher financial planning motivation and are more actively prepared to adopt a range of financial planning behaviours,because the new start in time leads to a higher future self-appraisals,which in turn enhances financial planning motivation.The results of this study suggest that individual financial planning motivation can be effectively enhanced by changing small environmental cues,providing evidence to support the nudge of large-scale financial planning boosting studies.