Should I have it now? Or later?
Have you ever sat back and reflected on the fact that to a certain degree you have the world in the palm of your hands? And no this is not a motivational text to get you inspired for the rest of the week. In the palm of your hands is the power to make decisions and get results based on those decisions in the time that you want.
Bored and looking for something watch open Netflix, arguing with your friends about Jay z’s net worth get the facts on Google within seconds, hungry and lazy to cook open Uber Eats. Everything that you want to know or want access to, is easily and readily available.
Easy access and innovation have brought up multiple conversations around a word synonymous with millennial's “GRATIFICATION’.
Over the extensive lock down period multiple videos on social media surfaced of parents leaving candy in front of their kids and promising them more if they did not eat it. This well-known experiment titled “The Marshmallow Test” was founded by Stanford psychologist Walter Mischel in 1968. The purpose of the experiment was to test delayed gratification.
It was determined that children who resisted temptation were more likely to succeed in the future with regards to their careers and other endeavors. As time has progressed the results of this test have been scrutinized as it has been found that results and ability to resist temptation are determined by experimental design and backgrounds of children being tested , not so much whether or not they eat a marshmallow.
Are millennial's failing with regards to not being able to hold out for delayed gratification or are they just misunderstood?. Advice from older generations with regards to finances, a university degree and purchasing property are outdated in certain instances in an ever-evolving world.
Like in various industries, in life adaptation is key to survival. Whether having access to instant results and technology will desensitize future generations to delayed gratification or be detrimental to humanity is yet to be seen.
Stay tuned for this week’s podcast episode with an individual with vast experience in the financial services sector, where we will discuss this topic in depth.