.NBCNewsBetter: You want to do the financially responsible things, so why is it so hard to actually do them? Financial and psychological experts weigh in.
You wantto do the financially responsible things, so why is it so hard to actually do them?, a senior fellow at the Consumer Federation of America.The average American holds on to just 7.5 percent of their disposable income.
“We’re bombarded by ads for products and shop in stores designed to encourage spending,” he said. At the same time, he added, “those without substantial assets receive much less encouragement from the marketplace to save regularly.”, an economics professor at the New School for Social Research.
People carry different “money scripts,” or financial beliefs that are shaped by our childhoods and communities, he said. These guide our behavior. “We react emotionally around our financial decisions, and it occurs literally in nanoseconds,” Horwitz said. “Then we employ our rational thinking to justify those decisions.”
The only way to mend “maladaptive financial beliefs” is to get to know ourselves better, Horwitz said.
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