Top TED Talks on Making Wise Money Choices

Financial Wellness
4
min read

Impulse buying. Splurging. Overspending. We’ve all been there and done that.

But why do we let our spending spiral out of control, even when we know better? Psychologically speaking, we humans get pumped up when we shop.

Spending money actually gives us a mood boost. When we buy something, we anticipate a reward in the form of the product or service we’re paying for. This makes our dopamine levels shoot up. And yes, it can get addicting.

So how can you make wiser money decisions and spend more responsibly? It’s not rocket science.

It all boils down to understanding how humans are wired to behave and learning to become more mindful of how your everyday decisions can affect your spending habits.

Let these TED Talks shed light on the psychology of money.

Laurie Santos: A Monkey Economy as Irrational as Ours

In this video, Laurie Santos talks about her studies in primate psychology and monkeynomics.

And how she tested problems in human psychology on primates who have the same predictable irrationalities as we do.

In an experiment, she taught monkeys to use a form of money, tradeable for food. When certain foods became cheaper, the monkeys, like humans, overbought.

As humans search for clues about our own irrational behaviours, Santos’ research suggests that the source of genius for bad decisions might be our monkey brain.

Watch the full video to find out how you can make more rational financial decisions.

Paul Piff: Does Money Make You Mean?

In this video, Paul Piff talks about his studies on social hierarchy, inequality and emotion and how they shape relations between individuals and groups.

His surprising studies include running rigged games of Monopoly and analysing how people behave when they feel wealthy (hint: badly).

His studies have shown that increased wealth and status in society lead to increased self-focus and in turn, decreased compassion, altruism and ethical behaviour.

So how can you get to a happy medium? Watch the full video to find out.

Shlomo Benartzi: Saving for Tomorrow, Tomorrow

Shlomo Benartzi is an expert in behavioural science with a special interest in personal finance.

His most significant contribution is Save More Tomorrow (SMarT), a behavioural prescription that is designed to help employees increase their savings over time.

In this video, he presents viewers with a scenario. Imagine saving money next week, but what about right now? Generally, we would want to spend it all now.

How can we turn this behavioural challenge into a solution? Watch the full video to find out.

Daniel Goldstein: The Battle Between Your Present and Future Self

Daniel Goldstein studies decision-making, especially how humans make economic and social decisions throughout our lives.

 Every day, we make decisions that have good and bad consequences for our future selves.

How should we give ourselves the right incentives, reminders and rules to make long-term smart choices rather than short-term fun choices? Watch the full video to find out.

Hopefully, these TED Talks have helped you gain more insights into the common mistakes that people make when it comes to spending money so that you can avoid making them in the future.

To make spending responsibly easier for you, get the Zilch app.

Because with Zilch, you’ll have an available spending limit determined through soft credit checks when you sign up.

Additionally, you have flexible payment options.

You can pay in 4 over 6 weeks with 0% at thousands of online and high street stores.

Or anywhere else for a small fee with a representative 11.50% APR with Zilch Anywhere.

You can also “Pay it all now” and get 5% in Zilch Rewards until the 31st of December, which you can use to discount future purposes.

Plus, you’ll be able to easily keep track of your open and completed payments when you go to “Purchases and payments” within the Zilch app.

Super convenient, right? Take the first step towards making sound financial decisions and get Zilch now!

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