Entering the Lottery may Affect the Consumer's Self-Control

A new study looks at the how materialistic thoughts can change your everyday-life when entering the lottery. According to researchers, this can actually cause some individuals to financially lose control.

"Materialism, a set of beliefs about the importance of possessions in a consumer's life, is associated with a host of negative outcomes," writes author Hyeongmin (Christian) Kim (Johns Hopkins University), via a press release. "Some examples include impulsive buying and excessive debt, both of which can be viewed as manifestations of poor self-control."

The authors looked at materialism that led to poor self-control, finding that various thoughts regarding specific and concrete objects could likely cause a lack of behavioral control regarding purchases. Background information from the study shows that when people's minds are occupied on concrete thoughts, they are more likely to seek immediate gratification in the hopes of more promptly satisfying this want.

In one of the studies the researchers instructed participants to buy a lottery ticket with a jackpot of $1 million, while a second group of consumers did not. Both groups were asked to write down their thoughts regarding if they would prefer a smaller, immediate reward or a larger, delayed reward. The consumers who purchased a lottery ticket wrote down more materialistic thoughts, showing a stronger preference for small, immediate rewards.

Another study showed that participants received lottery tickets and were prompted to either write about products they would buy or trips they would take if they won the lottery. "The consumers who were asked to write about products or brands that they would like to buy with a possible windfall indicated stronger preference for a small, immediate reward than did those who wrote about travel," the author explains, via the release.

Understanding what triggers harm self-control can be key to overall happiness, notes Kim.  "It is well-documented that materialistic consumers struggle with their materialistic longings and sometimes show poor self-control. Self-control is perhaps one of the most important attributes that a person needs to have a successful life."

What do you think?

More information regarding the study can be found via the Journal of Consumer Research.