Mind Over Money

September 19, 2016
BBC radio host Hammond (Time Warped) writes, “Psychology shows that although sometimes we appear to make irrational choices about our money, in the longer term those decisions can turn out to be quite sensible.” That may be true, but the argument isn’t much helped by Hammond’s concise summaries of numerous—by her count, 263—psychological experiments researchers have conducted to learn how money changes our thoughts, feelings, and actions. What’s missing is a clear rationale for including consumer-focused insights into such subjects as pricing, attitudes toward poverty, and saving side by side with advice for charity fund-raisers and an analysis of compensation schemes for London financiers. Instead of actionable advice, Hammond offers 32 tips such as “Don’t choose the same lottery numbers every week or you will never be able to stop playing” and “When you go to a restaurant with a group of friends, don’t agree to sharing the bill equally until everyone has ordered.” Britishisms such as “loo rolls” and examples that use British pounds and euros rather than U.S. dollars may put off some American readers of this U.K. import.