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Money, Me, Myself and I

I work in the financial services industry, so I naturally spend a lot of time thinking about money and financial matters. It never occurred to me that thoughts of money might affect my behaviour, until I read an article at ScienceNOW titled Money and Me, Me, Me. According to the article, experimental psychologists have found that thinking about money causes people to act more independently. While this makes them more self-sufficient, it also makes them less collaborative.

Kathleen Vohs, a psychologist at the University of Minnesota, led the team that made the discovery. Vohs and colleagues recruited college students for a series of experiments. In each experiment, students were subtly reminded of money before being put in a social situation. For example, volunteers were seated facing a poster depicting different types of currency before being given a difficult puzzle to solve. Though they were told they could ask for help at any time, those who had been primed with thoughts of money waited 70% longer to ask for help than those who had not. Volunteers reminded of money also spent 50% less time helping another person solve a word problem.

The findings are fascinating, with implications for individuals and organizations alike. As a parent, would you continue to give your child an allowance, knowing this? Is it better to teach the child self-sufficiency or the value of cooperation? That’s a tough one. As a business, would this affect the way you promote your offerings? Are money themes in advertising overused? What if money is your business?

The study certainly raises a lot of good questions. I’ll have to spend more time thinking about them – alone, thank you.

Posted by Nelson T. on December 6, 2006 10:41 PM

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Comments (1)

Bill Claxton :

How can one look at money all day and not think about money all night. It's what makes the world go round. I think true innovations are ones that dont require money to make money. If you're going to spend time alone make sure one has a pocket full of change. It will be the only way to make a difference these days...

Posted by Bill Claxton

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