Social influences impact financial choices from "summary" of Your Money and Your Brain by Jason Zweig
Humans are social creatures, deeply influenced by the people around them. When it comes to financial decisions, this social influence can play a significant role in shaping our choices. One way in which social influences impact financial decisions is through the concept of social proof. People tend to look to others for guidance on how to act, especially in situations that are unfamiliar or uncertain. This phenomenon can lead individuals to follow the crowd when it comes to investing or spending money, even if it may not be the best choice for their own financial well-being. Another way in which social influences can impact financial decisions is through the concept of conformity bias. This bi...
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