Over the past decade, psychologists and neuroscientists have been analysing people's decision-making to see if there are differences across generations. Their research has generated a wealth of new understanding:
There is now substantial evidence that the stereotype that younger people prefer to enjoy gains now rather than later is true – an effect known as present bias in behavioural economics.
Our latest article “Why are the young so impulsive? It’s all in their brain” published by The Marketing Society explores these recent findings from neuroscience. The research suggests that teens and young adults are actually still learning how to make good decisions and staying flexible while they learn. Their brains have not yet fully developed which may explain this effect.
These findings matter as they have clear implications for how we communicate to different age groups and get their attention. For example, younger people may be more likely to respond to messaging about the prospect of immediate rewards while older people may be content to be more patient.
You can read the article here.