Do you ever wonder why some people seem to find growing wealth easy while others always seem strapped for cash? Is higher education the key, or perhaps the wisdom that comes with age and experience? According to new research from Temple University in Pennsylvania, the willpower to resist instant gratification is a greater factor in determining financial success.

The willpower to resist instant gratification doesn’t just come in handy when browsing the shops or driving past fast food restaurants. It also helps resist addictive substances, like cigarettes and alcohol, which can deplete savings and limit earning potential. When people struggle with these substances, their confidence can also suffer. Negative self-esteem can hold people back from pursuing further education or higher job opportunities, which puts additional pressure on finances. The lack of cognitive control which inhibits willpower also negatively impacts creative and productive thinking, two activities usually rewarded in the workplace.

“Put simply, if people can vividly imagine themselves in the future with larger rewards, they are more likely to be patient,” the researchers claimed in their report.

The researchers admit that the jury is still out on whether the ability to resist the things we want is an inherent personality trait or a skill that can be learned. However, if we can learn to have willpower, they say these lessons should start early.

“If you want your child to grow up to earn a good salary, consider instilling in them the importance of passing on smaller, immediate rewards in favour of larger ones that they have to wait for,” said William Hampton, the study’s lead author.

If you find it difficult to resist the impulse to spend, we believe it’s never too late to change your habits. Chase Edwards friendly financial experts can work with you, helping you repay your debts and grow your wealth faster than you might think. Call us on 1300 854 833 to learn more about our services.