Raising Money-Smart Children
Patience and the Marshmallow Test
What the famous marshmallow experiments found about children's self-control, what later research revealed about background and trust, and how to build patience.
In the 1960s and 1970s, psychologist Walter Mischel and colleagues at Stanford ran a famous experiment. Young children were offered one treat, such as a marshmallow, right away, or two treats if they could wait alone for about 15 minutes.
The original findings
Some children ate the treat quickly; others waited. Follow-up studies years later suggested that children who waited longer tended to have better outcomes, such as higher test scores.
The experiment became a symbol of the importance of self-control and delayed gratification, including for saving money.
A more nuanced picture
In 2018, a larger study by Tyler Watts, Greg Duncan and Haonan Quan re-examined the idea with a more diverse group of children. They found the link between waiting and later outcomes was much weaker than earlier studies suggested, and was largely explained by family background and early cognitive skills.
Trust matters
Other research, by Celeste Kidd and colleagues in 2013, found that children waited much longer when the adult running the test had proven reliable earlier. Children who had learned that promises are broken were less willing to wait, a rational choice.
For children in unstable or poor environments, taking a reward now can be sensible if the future is uncertain.
Lessons for teaching patience
- Build trust: keep promises about rewards and savings.
- Make waiting easier: put savings out of sight or in a bank.
- Set short, achievable goals first, then longer ones.
- Use distraction: in the experiments, children who distracted themselves waited longer.
- Model patience yourself.
For adults too
The same ideas help adults save: automatic transfers, keeping savings separate and trusting institutions like banks.
A parent promises a child that if she saves her pocket money for four weeks, they'll add a small bonus. The parent keeps the promise every time. Over months, the child becomes more willing to save for longer, because she trusts that waiting pays off.
Background and trust shape waiting. When the future feels uncertain, taking a reward now can be rational.
- The marshmallow experiments tested children's ability to wait for a bigger reward.
- Early studies linked waiting to better outcomes.
- Later research found the link weaker and largely explained by background.
- Trust, easier waiting and short goals help build patience.
No recording for this one yet - EconReader can read it aloud for you.