Summary of Claudia Hammond on the Psychology of Money

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Claudia Hammond on the Psychology of Money summary
Learn how to achieve “mind over money.”

Rating

7 Overall

9 Importance

5 Innovation

7 Style

Recommendation

Money makes people act in peculiar ways. Psychology lecturer Claudia Hammond examines these irrational behaviors by reeling off known cognitive biases, false assumptions and other mental traps that can cause financial downfalls. Though she aims for breadth rather than depth, Hammond’s lecture offers a clear, organized recap of existing research. getAbstract recommends her quick, useful primer to those who want to achieve “mind over money.”

In this summary, you will learn

  • What biases and false assumptions lead people to bad financial choices
  • How to be savvier with money
  • How to spend to maximize your happiness
 

Summary

In a sense, money is just paper, but people regard it as much more. In 1994, a group of artists set aflame £1 million [$1.4 million] in an art exhibition. The backlash was severe. Since then, studies have shown that seeing money destroyed disturbs people, triggering a part of the brain linked to the...
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About the Speaker

Claudia Hammond is a psychology lecturer, writer and BBC Radio 4 broadcaster.


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