Why is it so hard to save money? It turns out our brains are terrible judges of likelihood and chance.
Phil Slade is behavioural economist and psychologist for Suncorp, works across digital innovation, strategy, cognitive bias and human-centred design with a key focus on delivering new and improved customer experiences. He has more than 15 years’ industry experience.
We buy cars we can’t afford, eat in overpriced places, purchase clothes that put us into debt. Above all, we never, ever talk about our actual finances with anyone. Why?
When you succumb to the lure of a luxury handbag or the convenience of a takeaway meal, it’s not your rational brain in charge. It’s your inner ape.