“Why Happier People Save More and Consume Less”

With Dr. Cahit Guven | Global XSBI Econometrician | Senior Lecturer in Economics

Summary

In this conversation, Dr. Guven discusses the relationship between happiness and financial decisions. He explores the impact of happiness on savings, consumption, risk-taking, and perception. Dr. Guven also highlights the collaboration between economists and psychologists in understanding the complex interplay between emotions and financial choices. The conversation delves into the role of self-control, the influence of unpredictable weather on happiness and financial behaviour, and the potential of using big data to improve well-being. Ultimately, the discussion raises thought-provoking questions about the connection between money and happiness and the importance of prioritizing happiness in financial decision-making.

Takeaways

Happiness has a significant impact on financial decisions, including savings, consumption, and risk-taking.

Collaboration between economists and psychologists is crucial in understanding the complex relationship between emotions and financial choices.

Perception plays a vital role in financial decision-making, and changing perceptions can lead to better financial outcomes.

Focusing on happiness and well-being can improve financial decision-making and overall life satisfaction.

LINKS:

Dr. Guven's Website: CLICK HERE

Dr. Guven's LinkedIn: CLICK HERE