Why are we inferior future thinkers?

Strategic thinking is a skill

We can’t think about future

Strategic thinking is a skill

Strategy is, obviously, about the future. But we are inferior future thinkers. Many years ago, I noticed that the future was the most challenging topic to discuss at strategic workshops. And there is a scientific background behind that. Hal Hershfield, Associate professor of marketing, behavioral decision making, and psychology at UCLA Anderson School of Management, found the explanation.

A "future self"

Hershfield notes that “in the earlier part of the twentieth century, the average length of time spent in retirement was approximately two years, and consequently, one did not need to worry too much about accumulating a huge nest egg to ensure a comfortable end-of-life period”. But the situation has changed significantly since then. “In the United States, for instance, the average male adult spends approximately 17.1 years in retirement, and for women, it is 20.1 years. Yet, planning behavior has not kept pace with these pronounced …