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How poverty changes your mind-set.

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How poverty changes your mind-set.

How poverty changes your mind-set.

The government’s attempts to invest into this sphere to help these people failed. They thought the way out could be removing control and letting the poor work, get education and pay the bills themselves. But as researchers say, it won’t work either. Why?? They believe that it’s the matter of cognitive psychology which states that “being poor leads to bad decisions”. So to fight against poverty successfully we need to take it into account.

In the USA more than 13% of the population (41 mln people) live in poverty, that means their income is less than 1.90$ per person per day. 

Scientists did a lot of research to find out the roots of cognitive process in the brain of people with financial difficulties. They conducted experiment and games with rich and poor participants. As the results show the poor tend to take more economically correct decisions. Scientists came to the conclusion that scarcity prompted the more accurate decision. But at the same time they are more counterproductive. And if the participants are allowed to borrow in a game they mostly take more than needed.

How can we use these data in practical life? How can we encourage people in poverty make smarter decisions in certain situations? Speaking about loans, the way out is informing the customers properly and giving them correct advice when they’re facing potentially expensive borrowing decisions. For example, Chicago Booth’s Marianne Bertrand and University of California at Berkeley’s Adair Morse studied high-interest payday loans and find that people made better decisions when the interest rate was expressed in terms of dollar amounts, namely the cost they’d pay over three months. “We’d explain this by saying that a dollar amount is a lot more concrete,” says Shah. “You can think about exactly what you’d have to give up to pay off the loan.” That’s why the criterion of APR is always included into describing a payday loan rates. It gives a potential borrower a chance to estimate the sum of repayment including not only the interest, but other fees and charges included into the bill. Besides on our site you’ll always fins a calculator helping you to count the amount you owe.

Be wise! Borrow responsibly! Don’t let the poverty change you mind-set.

 

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