Future Focus is Surprisingly Linked with Prioritizing Work–Life Balance over Long-Term Savings

Lahav Eyal, Barokas Guy () and Shavit Tal
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Lahav Eyal: Management and Economics Department, The Open University of Israel, Raanana, Israel
Barokas Guy: The Interdisciplinary Decision Research Center, Rupin Academic Center, Emek Hefer, Israel
Shavit Tal: The Department of Economics and Business Administration, Ariel University, Ariel, Israel

The B.E. Journal of Economic Analysis & Policy, 2024, vol. 24, issue 4, 1329-1339

Abstract: The classic economic prediction is that long-term savings become more important as individuals become more future oriented. However, we expect future-oriented individuals to be more concerned with the long-term effects of work-life imbalance, leading us to hypothesize a positive correlation between future orientation and a choice of present work-life balance over work related long-term savings. In an online survey with open-university students, we confirmed our hypothesis. Important policy implications are discussed. The findings highlight a potential shift in priorities post-COVID-19, with significant implications for policies aimed at enhancing retirement savings. They suggest that promoting WLB can lead to a decrease in long-term savings, indicating a need for balanced policy measures that consider both well-being and future financial security.

Keywords: future focus; happiness; work–life balance; long-term savings (search for similar items in EconPapers)
JEL-codes: D91 J2 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1515/bejeap-2024-0117

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