Cash ain’t enough
Few would work if they didn’t get paid says this Fast Company article. But if psychological needs are not met, no matter how fat your pay cheque, you won’t be satisfied. Some are motivated to help others, some are happiest when they have security, others have a strong need for recognition: these are the things that make up the whole story.
Do you feel financially secure? This paper says perceptions of financial well-being control purchasing decisions, whether planned or unplanned. And it’s not income or debt levels that determine this but your wealth. Those who feel in good financial shape make more planned purchases too, so it can pay to reassess your beliefs about yourself.
In debt and in denial
How many months will it take to pay off a credit card if you only make minimum monthly payments? That’s what researchers asked customers of a Mexican bank. Comparing common misconceptions about repayment ability to the actual reality – as in this chart - suggests blind optimism and ignorance about debt levels are factors.