Although this article is specifically addressing student loans, the points they’re making are universal – traditional financial literacy efforts have and will continue to fail. Factual knowledge isn’t enough to change behavior. Throwing facts at people without context is a waste of resources. Better, proven-effective approaches are available. Like, say, money coaching.
I freely admit to being a bit of a skeptic about the “science” of economics and to being intrigued by heterodox economic theories. As such, I found this article an interesting read.
Things that make me go hmmmm….
I’m new to this topic/debate (UBI and/or guaranteed jobs) and, to be frank, like the podcasters I’m (at least a little) ambivalent. But I found this conversation on Medium’s Civic Skunk Works to be interesting and informative and therefore thought it worth sharing.
News and details of this breach are just beginning to come out but it’s going to be a doozy. The things to understand here are 1) “customers” are anyone and everyone who has a credit card, ever had a loan of any type, etc and thus has a credit rating — you’re likely a “customer” even if you’ve never had any direct interaction with Equifax or have ever even heard of them; and 2) the quantity and quality of the details the hackers know about the victims of this breach are deep and personal — our social security numbers, previous addresses, entire credit history — all the information you are often asked to provide in order to prove you are you.
An interesting study about “soft information” and loan outcomes by gender of both lender and borrower.
I found this article to be intelligent and refreshingly meaty compared to the tired old hackneyed “Top 5 (8, 10, etc) Things” articles that PF bloggers are so fond of.
The full title of the article is Seven Mental Biases That Can Impact How You Invest but all seven biases impact our everyday money decisions as well, not just our investing decisions.
*The article was originally published on LearnVest but I can’t in good conscience provide a link to LearnVest because that site has very annoying pop-ups and the article is divided into tiny chunks over multiple pages to maximize their page views and ad counts.