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Don't eat the marshmallow! Financial lessons from five year olds.

In 1972 researcher Walter Mischel, a professor at Stanford University, wanted to study delayed gratification so he and his fellow researchers created a study that has become known as the Marchmallow Experiments.

In his experiments Mischel wanted to learn more about delayed gratification and its effects over time, so he brought in children aged three to five years old and gave them two options.  

A child was placed in a room and a research assistant came in with a treat for them, a marshmallow or a cookie.  The research assistant told the child they could eat the treat if they wanted, but if they could wait until they returned they would be rewarded with a second treat.

Get an instant reward or wait and get double the prize - which one would they choose?

If you have children this might be a fun exercise to test on them.  What would your kids do?  What would you have done when you were a child?

Many gobbled up the treat even before the assistant left the room,...

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