The Psychology Behind Spending, Saving, and Financial Decision-Making
What you'll learn
Explain how beliefs, thoughts, and decisions influence financial behavior
Analyze the impact of social influence on decision-making
Identify and assess common behavioral biases that hinder savings and investment decisions
Evaluate the effectiveness of behavioral interventions in promoting saving behavior
Compare defined benefit and defined contribution retirement plans and their behavioral challenges
Reflect on personal financial behavior and risk tolerance
Requirements
Basic Understanding of Finance or Economics
Description
Why do high earners sometimes struggle to save, while others with modest incomes build wealth? The answer lies not in income, but in behavior. This course explores the psychological and social forces that shape our financial decisions—often without us realizing it. Blending insights from behavioral science, psychology, and personal finance, students will examine how beliefs, thoughts, and habits influence savings, spending, and long-term financial outcomes.Through engaging activities and real-world examples—including classic experiments like Asch's conformity study and Milgram's obedience trials—students will investigate how groupthink, authority, and social norms drive everyday financial behaviors. The course also covers practical barriers to saving, such as procrastination, information overload, and inertia, and introduces effective solutions like automatic enrollment, the Save More Tomorrow program, and target-date retirement funds.Students will gain tools to identify and overcome behavioral biases, improve their decision-making at key life moments, and understand how personality and risk tolerance affect financial planning. Whether you're just starting your financial journey or looking to better understand the human side of money, this course will challenge assumptions and offer strategies for building a stronger, more intentional financial future.No prior finance experience is required—just a willingness to reflect, learn, and think differently about money.
Who this course is for
College Undergraduate and Graduate Students Interested in Behavioral Finance
Financial Advisors and Professionals
Individual Investors interested in the Psychology of Money

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