Then your personal finances will be more fun: "Must trick the brain"

1/18/2024, 3:46:25 PM

Highlights: Our brain is not designed to make financial decisions. A third of people have had difficulty paying running costs in the past 12 months. People with lower self-confidence have a harder time making decisions. We have to trick our brain into thinking that we can make money. We need to trick ourselves into thinking we can do anything. We must trick our brains into thinking it is possible to make money by doing things we don't want to do. We can trick our minds into thinking they can do it by doing them.

Do you think money and saving are boring? If you succeed in tricking your reptilian brain, everything can suddenly become much more fun, according to Magnus Hjelmér, everyday economist at ICA-banken. - Our brain is not designed to make financial decisions. It looks exactly the same as it did 100,000 years ago, he says.

A third of Swedes have had difficulty paying running costs in the past twelve months.

This is shown by a survey carried out on behalf of the Financial Supervisory Authority in collaboration with the Public Health Authority.

According to Magnus Hjelmér, one reason for this could be the last year's sky-high inflation and high interest rates.

- You can influence your costs.

But external factors can make people feel that the economy is out of their control, he says.

According to the Financial Supervisory Authority, those with lower incomes have poorer self-confidence, knowledge and interest in personal finance.

To ignite your personal finance spark, it can help to liken saving to exercise.

And not least to reward their successes, says Magnus Hjelmér.

- Since economics is still a relatively new concept, people find it difficult to make rational decisions.

If you want to think that personal finance is fun and interesting, we have to trick your brain into it, he says.