What Can We Learn from the Marshmallow Study?
My favorite scientific study of all time is the "Marshmallow Study" done with a group of four-year olds in the 1960s.
Each child was placed in a room and a researcher put a marshmallow in front of them. The child was told that they could eat the marshmallow or wait until the researcher returned and receive another marshmallow.
The vast majority of the children ate the marshmallow, some within seconds. Only about 30% had not eaten it when the researcher returned in 15 or 20 minutes.
An article on Vanguard.com says, "According to the study, the kids who were able to resist the marshmallow grew up to be more positive, self-motivated, persistent in the face of difficulties, and better able to delay gratification in pursuit of their goals. They also tended to have higher incomes, greater career satisfaction, and better health." Wow!
What can family child care providers learn from this study?
The benefits of delayed gratification are an important aspect of retirement investing. You can either save as much money as possible today and wait for your reward when you retire, or you can give in the the urge to spend and face a more uncertain financial future.
How did the children manage to resist eating the marshmallow?
They didn't eliminate the desire to eat the marshmallow. "Instead, they found ways to distract themselves from the temptation. Some kids covered their eyes to forget about the marshmallow while other played under the desk or sang songs to pass the time."
"Even as an adult, you may find resisting surgary treats is still a challenge. Fighting the temptation to spend money can be even tougher."
Here are some ideas for how to distract yourselves from the temptation to spend money:
* Identify one child in your program each year to be your "retirement baby" and set aside the income from this child for your retirement.
* Set up an automatic monthly withdrawal from your checking account into a retirement account.
* If parents pay you in cash, immediately deposit all of the money into your bank. The less cash you have in your pocket the less you are likely to spend.
* If you get a windfall, don't spend it: save it.
You can watch children struggle not to eat a marshmallow in a replication of the study here.
Here's another video where the speaker uses the study as an example of the principle that delayed gratification is one of the most important elements of success in our society.
If you love watching kids try not to eat marshmallows, here's a UTube collection of videos.
What do you do to resist the urge to spend money?
Tom Copeland - www.tomcopelandblog.com
Image credit: https://www.flickr.com/photos/6000/6560550173/
For more information about saving money and retirement planning, see my book Family Child Care Money Management and Retirement Guide.
