Want to stick to your budget? Try calling it a “spending plan” instead, says psychologist Brad Klontz in the Science of Us. Our brain responds to the word “budget” as it does the word “diet” - with thoughts of deprivation - making us more likely to succumb to temptation. Focusing on the positive motivates us to keep going.
Round numbers on price labels make us spend more, according to retail expert Dr Gary Mortimer in The New Daily. He explains that shoppers have been conditioned to believe neat, whole numbers – €20 rather than €19.99, say – signal a price discount, boosting the item’s appeal.
Generation Z may be young but they’re more financially savvy than their Millennial big brothers and sisters, this MIC.com article says. Those born post-1996 are likely to have had greater exposure to financial hardship as their parents struggled through the 2007 economic crisis, creating a generation of debt-avoiders already planning for retirement.