Weak willpower cited as a reason for poor financial health




New Year's resolutions aside, many Americans make goals throughout the year to repair their financial condition, improve their health, boost their retirement savings or better their future. However, setting a goal and accomplishing it are two different things, and many Americans find themselves enthusiastic during the first weeks of their venture and then progressively discouraged when they don't see immediate results. This often results in many individuals giving up on their goals and settling back into their usual behaviors before they have had the opportunity to make significant strides.
According to a recent report by the American Psychological Association*, a large majority of Americans cite a lack of willpower as the No. 1 reason they give up on their goals. The study shows that 93 percent of adults polled made some sort of goal or resolution to change one aspect of their lives in 2012. The most common goals were those related to improving health, with 57 percent saying they wanted to lose weight, 50 percent making a goal to eat healthier and 41 percent promising to exercise more. Financial related goals came in second, with 52 percent saying they wanted to save money and 37 percent promising to pay off debt.
"Research shows that setting goals, as well as tracking progress and seeking out a community of support, can be tremendously effective in helping people increase their self-control and lead healthier lives," said APA CEO and executive vice president Norman Anderson.
However, 27 percent named a lack of willpower as the reason they did not achieve their goals, while 26 percent said time constraints were their primary obstacle.
Solutions to the problem
Although many study participants agreed that weak willpower was the leading reason they failed to achieve their goals, 71 percent said they believe that willpower can be learned and help them accomplish future goals. The study's authors agreed.
"Self-control can be learned and strengthened," said Steven Breckler, APA's science directorate executive director. "For example, avoiding the sources of temptation and planning ahead are effective techniques for maintaining self-control. Research shows that exercising your willpower in one situation may drain your self-control for other situations that immediately follow. Therefore, just like with physical exercise, it is smart to avoid taking on too much at once. First, focus on one goal, strengthen your willpower, and then take on more goals over time."
Many experts recommend setting milestones that lead up to a larger goal, rather than diving in all at once, which may place too many expectations on a goal setter. For example, adults who are saving up for a down payment can start small by agreeing to save a certain amount month-by-month, rather than trying to save one lump sum amount a year from now. By viewing goals in smaller terms, adults may be less likely to feel overwhelmed after months of modest progress.
*according to American Psychological Association on February 15, 2012

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