Report
455
Number
Aug 27 2018

From Debt to Mindfulness

Participants in debt management programs (DMP) participated in research exploring the effects of mindfulness on consumer spending. Insights from this research can inform financial wellness programming by credit unions providing guidance to consumers struggling with overspending, saving and budgeting. 

Mary C. Gilly
Senior Associate Dean and Professor of Marketing, Paul Merage School of Business,
University of California, Irvine
Mary Wolfinbarger Celsi
Professor of Marketing,
California State University, Long Beach
Stephanie Dellande
Professor of Marketing,
Menlo College
Russel Nelson
Assistant Professor of Integrated Marketing Communications, Medill School of Journalism, Media, and Integrated Marketing Communications,
Northwestern University
Report Number 455

Executive Summary

Temptation is as old as Eve’s apple and Pandora’s box. It’s a common theme in our stories and movies too. Pinocchio told lies, Luke struggled against the Dark Side, and Homer Simpson has a weakness for donuts.

We’re drawn to shiny, tasty, fun, and luxurious things even when we know they’re not good for us. That’s the way it is with overspending: emotions dominate our good sense. Temptation hits us when we’re weak, hungry, or tired. We give in when we’re sad or anxious. We lose the battle when it comes to our appearance and social pressures. Whatever reasons we use to justify our lapses in judgment, the bottom line is the same: our nation suffers from consumer debt because of overspending. It’s a problem we all need to fix.

Keep Reading

Try printing the journal on the "booklet" setting of your printer.

In addition to the full report, Filene created a tool designed to support mindfulness around spending. This journal assists members in the practice of becoming more mindful when spending temptations arise.