Present Bias
Also called: hyperbolic discounting, time inconsistency, instant gratification
Present bias is valuing immediate rewards disproportionately over future ones, in a way that reverses your own earlier plans. Everyone agrees to save more next year and not this one. It's the fundamental obstacle to retirement saving, and the designs that beat it work by removing the repeated decision: automatic escalation, payroll deduction, and committing future raises in advance.
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