Social Factors and Behavioral Science as it Relates to Personal Spending Habits
You may not think of financial literacy, personal spending habits, and behavioral science as all going together, but they do! There are so many social factors at play when you go to purchase an item, no matter what it may be. It could be an item that is a must-have for your daily life, or something that is with the basis of expendable income supporting the buy.
Behavioral science comes into play on personal spending habits as it delves deeper into the factors which lead to the spend. It is looking at the social factors at play, your emotional factors, cognitive abilities, as well as cultural impacts. All of these things can lead you to purchase behaviors you may not even realize you have. Money on the Mind is a blog that helps shed light on all of these for the world and more.