Academic journal article ABA Banking Journal

We Could Use a Few More "Control Types"

Academic journal article ABA Banking Journal

We Could Use a Few More "Control Types"

Article excerpt

Sometimes you come across important principles in unexpected places. In the lead story in this month's ABA Resources, for example, Laura Fisher, who runs the ABA Education Foundation, talks about the foundation's Teach Children to Save Day. In her response to a question about the program's impact, she says, "Teaching kids to save is a great opportunity to teach them self-control. And self-control tends to be more important than self-confidence in terms of a person's long-term success."

Self-control more important than self-confidence? Absolutely Self-confidence is useful, but in today's world where every child "excels," or so they're told, self-confidence is not lacking. Self-control is. Children, as it happens, become adults. No one expects children to have a lot of self-control, but a little encouragement in that direction early in life could make a huge difference.

Take the recent financial crisis, brought by some of those adults. There didn't appear to be any lack of confidence during the run-up.

With all the hand-wringing, recriminations, investigations, and hoo-hah over what brought on the calamities of 2008-9, you don't need to go any further than Fisher's statement to find both the cause and the means to keep the calamities from repeating again (and again). Yes, we know the causes were very complex and involved regulatory laxity, incorrect incentives, technology, too much money looking for a return, "poor choices," and so on. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.