Why smart folk make dumb mistakes with their money….

Interested to see a piece in today’s Money Guardian on why we make bad money decisions.

MARK LONG for MONEY 150530 lead

MARK LONG for MONEY 150530 lead

Some super smart people canvassed –  like Nick Chater (now of Warwick who happens to be one of the best and nicest in the field of Behavioural Economics. here and here.

Interesting to see how the writers (yes, -s) reveal their own wobbly received cultural assumptions:

1. The whole piece is framed round that raggedy trope of “your mind is letting you down”. Frankly I’m bored rigid of this line of argument – when are we going to accept who we really are and celebrate the amazing way that our minds (and those of others) help us achieve such amazing stuff and thrive in so many different ways (rather than somehow “fail” ourselves or some irrelevant standards of judgement (Rationality vs. Irrational)

2. Talking of “others” rather than singular minds, it’s striking to me how 7/8 of these insights are to do with what goes on between an individuals ears, exactly the same ratio as the landmark Mindspace report we criticised so heavily here and elsewhere.