“Shame is an emotional glue trap that keeps us stuck in our financial behaviors.”
—Brad Klontz
BRAIN WAVES
First impressions. Ever notice that you sometimes remember the first piece of information you come across better than the information you encounter later on? This is known as the primacy bias. In a new study, researchers found that this bias can have unintended consequences, including financial ones. In a series of online experiments, they had volunteers go through virtual boxes of used items to sell in a make-believe garage sale. Some of the items were “gems” (nice, premium goods that would obviously sell for more money) and others were “junk” (items that weren’t very special and probably wouldn’t sell for much). The contents of the boxes were the same for everyone, but when the premium items were placed on top – that is, the volunteers encountered them first – they were more likely to pick that box to sell “than if they had seen the cheap stuff first,” the study concluded. “Not only did the participants consistently go for the boxes that ‘started strong’ over the others, they also tended to overestimate their value – guessing they were worth 10% more money than they actually were,” the researchers added. But in some cases, they had people go home to “sleep on it,” and then decide the next day which box to sell. In this condition, the primacy bias didn’t seem to take hold. In other words, “there's wisdom in the idea of ‘sleeping on it’ before making a decision,” said lead author Allie Sinclair.
Declined. If you consider yourself an introvert, you might know the guilty pleasure of declining an invitation when your social meter is running low. As it turns out, you might not need to feel so guilty after all. New research suggests that we overestimate how much others will be disappointed when we turn down invitations. In a series of experiments, researchers tested how people responded to declined invitations – both the inviter and the invitee. “Invitees have exaggerated concerns about how much the decline will anger the inviter ... [or] make the inviter unlikely to offer another invitation in the future, and so forth.” So go ahead, stay home.
Yeah, no. Saying no to someone who asks for something is often easier said than done. Maybe it’s a boss who wants you to take on a new assignment. Or your kid’s teacher, seeking volunteers for a field trip. Or a friend who asks you to lend her money. How should we respond to these demands on our time, energy, and resources? Listen to learn more.
ON THE HIDDEN BRAIN PODCAST
Rewrite Your Money Story: Money worries are one of the biggest sources of anxiety in our lives. Psychologist Brad Klontz says these worries are shaped by more than the number in our bank accounts — they’re often driven by our unconscious beliefs. This week, we bring you a favorite 2022 conversation with Klontz, who says it’s possible to identify and change what he calls our “money scripts.”
ON THE MY UNSUNG HERO PODCAST
Nora Durkin’s Story: One day in 2001, Nora called 311 to report abuse she said she had experienced as a child. The voice on the other end offered her compassion, and hope.
Don’t forget to send us the story of your unsung hero! Record a voice memo on your phone and email it to myunsunghero@hiddenbrain.org.
MIND GAMES
When you add these three numbers together, you get the same result as when you multiply the three numbers. What are these numbers?
LAST WEEK’S PUZZLE
What is always in front of you but can’t be seen?
Answer: The future
A MOMENT OF JOY
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