Peer pressure affects money behavior from "summary" of The New Psychology of Money by Adrian Furnham
Peer pressure is a powerful force that can significantly influence an individual's money behavior. As social beings, we are often influenced by the beliefs and actions of those around us, including our peers. This influence can manifest in various ways when it comes to money, affecting our spending habits, saving decisions, and overall financial choices. When we observe our peers making certain financial decisions, we may feel compelled to follow suit in order to fit in or be accepted. This can lead to impulsive spending, excessive consumption, or taking on unnecessary debt simply to keep up with the perceived financial norms of our social circle. In these situations, the fear of missing out or being left behind can drive us to make decisions that may not be in our best financial interest. Moreover, peer pressure can...
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