People who are more patient have more income and savings

On average, those who are more patient earn more and save more. Social events such as World Savings Day (October 30) have been promoting this hypothesis.

Some institutions believe that children should be taught to understand what saving is, and to be frugal and patient. This is "an important factor in future family income." said Professor Thomas Dorman, an economist at the University of Bonn’s Outstanding Economic Contribution Group. Together with his colleagues, he analyzed the time preference data of 80,000 people from 76 countries/regions. The result is:  People who are more patient have a higher average income.

Countries with more patient residents are more prosperous.

40% of the difference in per capita income between countries can be explained by patience. Rule of thumb: Starting from the equator, the average patience increases toward the north and decreases toward the south. There are also obvious differences within the country. In areas with more patient residents and higher incomes, the average education level is higher.

On average, patient people are more frugal, more productive, and devote more time to education. Although previous literature has pointed out that impatient people are more prone to procrastination, take more drugs or have poor performance, little is known about the impact of patience on the entire economic system. Patience is one of the main factors of productivity, and productivity determines income.

It is not clear why some people are more patient. However, various factors such as political stability, education and free competition have contributed. Moreover, behavior patterns are usually passed on from generation to generation.

In the long run, the economy benefits from the high patience of the people. Thomas Dorman said: "Good development policies should always encourage people's long-term behavior. In other words, encourage sustainable economic activity through education, not just provide financial assistance."