Patience in financial decisions and post-secondary education

Using the survey data, this paper tests whether one's level of post-secondary education is related to the person's patience in financial decisions. In answering questions on choosing between a receipt now versus a larger receipt later, participants’ preference of an immediate receipt decreases in post-secondary education. The association is robust controlling cognitive ability, wealth, age, fields of occupation, as well as other demographic factors. Also, the effects of post-secondary education is particularly significant in decisions involving large amounts of money, implying impacts of potentially significant magnitude in terms of one's overall financial welfare.