The relation of general and specific locus of control to intertemporal monetary choice

We investigated the relationship between Locus of Control and discount rates for future monetary outcomes. Thirty-eight students completed delay discounting questionnaires for monetary gains and losses in personal and business scenarios. In addition, we measured Economic and Generalized Locus of Control (LOC) with Furnham’s (1986) and Rotter’s (1966) scales, respectively. Economic, but not Generalized LOC was correlated with distinct choice patterns: individuals with internal Economic LOC (E-LOC) discounted future gains and losses less steeply than individuals with external E-LOC, both in business and in personal scenarios. E-LOC appears useful in understanding intertemporal financial choices. It may also assist in the development of programs to modify impulsive choice behaviours.