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Why talking to your friends can help you save money | Your Money and Your Mind

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Why talking to your friends can help you save money | Your Money and Your Mind

TED 03.03.2021 94 978 просмотров 2 043 лайков обн. 18.02.2026

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What convinced British citizens to send in their taxes on time — and resulted in San Diego residents reducing their energy consumption? Learning that their neighbors were doing it. Behavioral psychologist Wendy De La Rosa shares the surprising power of our peers and how we can use it to improve our financial habits. Managing your money can feel scary and complicated, but it doesn't have to be. In this TED series, behavioral scientist Wendy De La Rosa explains why we spend too much and save too little -- and shares easy steps to help us achieve a more secure financial future. Watch more of Your Money and Your Mind with Wendy De La Rosa here: https://www.youtube.com/playlist?list=PLOGi5-fAu8bENcBPN_-1fxoFKZMFn5kHx Visit http://TED.com to get our entire library of TED Talks, transcripts, translations, personalized talk recommendations and more. The TED Talks channel features the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and more. You're welcome to link to or embed these videos, forward them to others and share these ideas with people you know. Become a TED Member: http://ted.com/membership Follow TED on Twitter: http://twitter.com/TEDTalks Like TED on Facebook: http://facebook.com/TED Subscribe to our channel: http://youtube.com/TED TED's videos may be used for non-commercial purposes under a Creative Commons License, Attribution–Non Commercial–No Derivatives (or the CC BY – NC – ND 4.0 International) and in accordance with our TED Talks Usage Policy (https://www.ted.com/about/our-organiz...). For more information on using TED for commercial purposes (e.g. employee learning, in a film or online course), please submit a Media Request at https://media-requests.ted.com

Оглавление (5 сегментов)

0:00 Intro 60 сл.
0:20 Signs that dont work 111 сл.
1:03 People look to what others do 96 сл.
1:31 Lottery winners 165 сл.
2:24 Paying down debt 202 сл.

Intro

Transcriber: Changing people's financial behavior is difficult, but it is possible. [Your Money and Your Mind with Wendy De La Rosa] One company that was looking to reduce energy consumption in San Diego tried to change people's behaviors by using signs with one key sentence. What exactly was that sentence? Well, it turns out that signs about protecting the environment

Signs that dont work

or looking out for future generations or signs that focus on the amount of money that people will save were not effective in reducing consumers' energy consumption. Instead, the message that worked the best was a simple one that read, "The majority of your neighbors are undertaking energy-saving actions every day.” A similar message focusing on what our neighbors are doing was used in the UK to incentivize British taxpayers to pay their taxes on time. That simple change, pointing out what other people are doing, led to an increase in collections of about 29 percent. Psychologist Robert Cialdini, who worked on both of these studies, calls this phenomenon "social proof."

People look to what others do

He says people look to what others do in order to guide their own behavior. It's no wonder, then, that we base a lot of our own fiscal decisions on what other people do. And unfortunately, what we most easily observe are other people's spending behavior, not their savings behavior. It's easy to notice if your friend goes on vacation or buys a new car or a swanky pair of shoes. And with social media, you can even keep tabs on the shopping habits of the rich and the famous. Now, if someone wins the lottery

Lottery winners

we'd expect them to spend more money -- and they do. But what's really interesting is what happens to their neighbors. A recent study found that close neighbors of lottery winners are more likely to borrow money, spend more on goods and eventually declare bankruptcy. In fact, the larger the lottery winner, the higher the rate of bankruptcy among the neighbors of the lottery winners. Basically, the lottery winner's behavior is rubbing off on their neighbors. We are always aware of consumer spending, but what we are not aware of are other people's savings behavior. So let's lift that veil. You can start with just a couple of friends. Instead of asking where they bought their new bike or the best time of year to travel to France, ask them if they paid down their mortgage or if they have an emergency fund or if they've paid off their student loan. Tell them about your own financial situation. To really make this a social affair

Paying down debt

I encourage you to start celebrating paying down your debts. Maybe you've seen the viral video of a happy dancing woman who paid off more than 200,000 dollars in student debt. She was able to achieve this incredible milestone because she was bold enough to ask her colleagues and her industry peers how much they earned, noting the thousands of dollars that she was missing out on, and finding a job that would pay her fair market rate. I think that video gained notoriety because it's not often that we get to see what people have saved and how they're doing it. But it shouldn't be so rare. By having check-ins with your friends, you can help make a trend. I remember when I paid off my student loan, I wish I would have celebrated that milestone with friends. But at the time, I, too, was brainwashed into thinking that I shouldn't talk to my friends about money, that it was a scary taboo subject. Don't be like me. Start the conversation today. Research has shown that our social bonds make us healthier. It's time to harness your social ties to boost your financial fitness, too. Your future self will thank you.

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