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Episode 15: Understanding Social Norms and How They Influence Our Decisions]
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In this episode, we'll explore social norms, which are the unwritten rules and expectations that guide human behavior in a given society. They vary across cultures and can change over time. Here are some key points about social norms:
Social norms defined: Social norms are shared expectations within a society about how individuals should behave in various situations. They help maintain order and cohesion in a group..
Social norms also play a significant role in financial decision-making. These norms are the unwritten rules and expectations within a society or community that influence how individuals manage their money, make financial choices, and interact with financial institutions. In this episode, we discuss some ways in which social norms affect financial decision-making:
Clicking the timestamps below for a quick view of every action.
00:00 Introduction and Short Life Update
10:03 Introduction to Social Norms
11:48 Social Norms Defined
15:00 Social Norms Can Change Over Time, Cultures, and Situations
16:00 How we Speak and Dress based on Situation
19:01 Phone Etiquette
21:45 Different Cultures and Social Norms
27:10 Social Norms and Eating
30:19 Social Norms and Investing (Gamestop and Cryptocurrencies)
34:00 Banking Social Norms (Electronic Bank Runs)
36:45 Why We Don't Break Social Norms in Investing
37:40 Breaking Social Norms in Personal Finance! Cars, Mortgages, and Education.
44:44 Social Norms Getting in the Way of Your Purpose.
I hope you enjoy the content and learn all about the topic of Behavioral Finance. I've set up the first few podcasts as mini-lectures of my Behavioral Finance course that I teach at Butler University each semester. The goal of this podcast is to provide a comprehensive look into the topic of Behavioral Finance - for free!
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