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MSE’s Academy of Money
MSE’s Academy of Money

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4 Your personality can seriously affect your spending

Have you ever thought about how much your personality and approach to risk-taking affect your spending and other financial decisions?

In Video 2 Mark Fenton-O’Creevy, Professor of Organisational Psychology at The Open University Business School and an expert in behavioural finance, introduces the way behavioural biases affect personal financial decisions.

A warning before you watch the video: the content does include details of someone receiving a serious head injury.

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Video 2 Mark Fenton-O’Creevy
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Activity 6 Impulse buying

Timing: Allow approximately 5 minutes for this activity

As you heard from Mark Fenton-O’Creevy, there are good reasons why we sometimes make bad decisions about spending money, even if we’re smart about most other things in life.

Do you consider yourself to be an impulse shopper?

What do you think are the factors driving this behaviour? If you’re not an impulse shopper, think back to Video 2 and what you may have learned about the reasons for impulse shopping in it.

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Most of us have bought on impulse at some point in our lives.

Those of us who routinely spend money on impulse may be doing this to try and regulate their emotions. The driving forces may be coming from within the mind rather than just being the result of people succumbing to the (external) forces of marketing by retailers.