Ian's list

Top picks from the web on money and your life, from ING economist Ian Bright – July 23, 2014

Early bird

Early bird

Researchers have a newly discovered way to waste time: “Pre-crastinating,” the inverse of procrastinating, New York Magazine writes. Pre-crastination is the tendency to complete (or at least begin) tasks as soon as possible – even if it costs more time and effort in the long run. It might include answering trivial emails or paying bills far ahead of time.

Lasting effect

Lasting effect

Even though the global economy is picking up, the effects of the global economic crisis can last for many years for those who’ve graduated during the slump. A new paper by independent research institute IZA, found the graduates in the US and UK who left school during the recession found it difficult to get a job that matched their skills – and the detrimental effect on wages and career progression can last for many years. Even more shocking is that they are “significantly” more likely to be involved in crime than those graduating into a buoyant job market.

Black or red

Black or red

What are the chances of “black” coming up again on a roulette wheel after it has appeared fifteen times in a row? Unlikely you might think. But Psychology Today blogs that in Monte Carlo in 1913 the wheel came up black 26 times in a row – raking in millions for the casino and costing gamblers betting against the streak. It is an extreme example of the gambler’s fallacy, in which people forget that the odds stay the same, even after black comes up 15 times in a row.

JobsRecessionGambler's fallacy

Ian Bright
Ian Bright

Senior economist at ING
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