Can You Really Trust Your Bank?
It’s was the best of times to be a banker. It was the worst of times.
On one hand, the period of easy money has cruised along for seven years now. Asset bubbles are inflated all around us, and banks are happy so long as they are not the greater fool. Over the last few years, many banks have raked in record profits that would not be possible in another interest rate environment.
The bad news is that people and even regulators are catching onto some of their sneakiest of tricks: manipulation of markets, collusion, dark pools, and algo trading. This is because the modern era is more transparent than ever: technology, instant communication, access to information, and other factors have made it impossible to keep a good secret down.
It’s no surprise that in light of banks getting hit with record fines for forex manipulation and other no-nos, that consumer trust in banks has eroded considerably. Now only 32% of people trust their retail bank, and despite this only 11% have changed their account provider in the last year.
Even more concerning, technology companies are now trusted more than banks when it comes to handling financial products and people’s money.
Original graphic by: Eazy Cash
24 Cognitive Biases That Are Warping Your Perception of Reality
The world isn’t as it seems—here are some of the most important cognitive biases that are messing with how you think the world works, and why.
We are each entitled to our own personal world view.
But unfortunately, when it comes to interpreting information and trying to make objective sense of reality, human brains are hard-wired to make all kinds of mental mistakes that can impact our ability to make rational judgments.
In total, there are over 180 cognitive biases that interfere with how we process data, think critically, and perceive reality.
Flawed Human Reasoning
There is no simple way to get around these basic human instincts, but one thing that we can do is understand the specific mistakes we make and why.
Today’s infographic comes to us from School of Thought, a non-profit dedicated to spreading critical thinking. The graphic describes 24 of the key biases that warp our sense of reality, providing useful examples along the way.
At the beginning of the infographic, you may have noticed illustrations of two gentlemen.
In case you were wondering, those happen to represent Daniel Kahneman and Amos Tversky, two of the leading social scientists known for their contributions to this field. Not only did they pioneer work around cognitive biases starting in the late 1960s, but their partnership also resulted in a Nobel Prize in Economics in 2002.
Biases Distorting Reality
Here are some of the biases we found most interesting from the list:
You remember the past as better than it was, and expect the future to be worse than it is likely to be. This is an interesting one, since statistically this is one of the most peaceful and prosperous times in history—yet the 24-hour news cycle rarely reflects this. (For a good example how the world is improving, see these six charts)
Just World Hypothesis:
Your preference for a just world makes you presume that it exists. Of course, it’s much more uncomfortable to think that the world is unfair, but by understanding this you will make more accurate judgments about people and situations.
If a conclusion supports your existing beliefs, you’ll rationalize anything that supports it. In other words, instead of willingly looking at new information, we are primed to defend our own ideas without actually questioning them.
Context and delivery can have a big impact on how a story is interpreted. We must have the humility to recognize that we can be manipulated, and work to limit the effect that framing has on our critical thinking.
The Curse of Knowledge
Ever try to explain something you know intricately and have worked on for many years? It’s hard, because you’ve internalized everything you’ve learned, and now you forget how to explain it. This bias is similar—you know something inside and out, and what is obvious to you is not to others.
Sometimes we all get the urge to do the opposite of what we’re told. Nobody likes being constrained. The only problem is that when we’re in this situation, there is a tendency to overreact and to throw any logic out of the window.
Because we each live inside our own heads, our natural focus is on what we’re thinking and doing. We project this onto others, and we overestimate how much they notice about how we look or how we act.
Want to see more on cognitive biases? Here are 188 of them in one infographic.
Which Countries Have the Most Similar Values?
Where you’re from greatly influencers how you view the world. Here’s a look at the core values in 94 different countries.
Which Countries Value the Same Things?
Our culture can have significant impacts on our belief systems and our values.
In fact, research has shown that our cultural influences can rewire our brains, which can impact our visual perceptions and how we view the world around us.
Because of this, where we’re from can greatly influence what we prioritize in life. This graphic by Anders Sundell illustrates the primary values of 94 different countries, and highlights which places share similar values.
Sundell used data from the World Values Survey, an international survey that interviews hundreds of thousands of participants from across the globe.
For the purposes of this graphic, Sundell focused on one specific section of the survey that asked respondents to rate various aspects of their life on a scale of one (very important) to four (not important at all). Six aspects were included: family, friends, leisure time, politics, work, and religion.
From there, Sundell calculated the median score for each country and identified their primary value, then grouped them based on their similarities. On this netgraph, each country is connected to three other countries that share the most similar values.
Generally speaking, countries that prioritize friends and leisure are concentrated on the far left of the graphic, whereas countries that value religion and work fall more to the right.
Each Country’s Primary Values
Interestingly, family came first for all 94 countries—except Indonesia, where religion was considered most important.
Because of this, Sundell identified each country’s primary value besides family, which was much more diverse across the board:
|Abbr.||Country||Continent||Primary Value (Exc. Family)|
|AR||🇦🇷 Argentina||South America||Work|
|BO||🇧🇴 Bolivia||South America||Work|
|BA||🇧🇦 Bosnia and Herzegovina||Europe||Work|
|BR||🇧🇷 Brazil||South America||Work|
|CA||🇨🇦 Canada||North America||Leisure|
|CL||🇨🇱 Chile||South America||Leisure|
|CO||🇨🇴 Colombia||South America||Work|
|CZ||🇨🇿 Czech Republic||Europe||Friends|
|EC||🇪🇨 Ecuador||South America||Work|
|GT||🇬🇹 Guatemala||North America||Work|
|HT||🇭🇹 Haiti||North America||Work|
|HK||🇭🇰 Hong Kong||Asia||Friends|
|MX||🇲🇽 Mexico||North America||Work|
|NZ||🇳🇿 New Zealand||Oceania||Friends|
|NI||🇳🇮 Nicaragua||North America||Work|
|MK||🇲🇰 North Macedonia||Europe||Work|
|PE||🇵🇪 Peru||South America||Work|
|PR||🇵🇷 Puerto Rico||North America||Work|
|ZA||🇿🇦 South Africa||Africa||Work|
|KR||🇰🇷 South Korea||Asia||Friends|
|TT||🇹🇹 Trinidad and Tobago||South America||Religion|
|GB||🇬🇧 United Kingdom||Europe||Friends|
|US||🇺🇸 United States||North America||Friends|
|UY||🇺🇾 Uruguay||South America||Work|
After family, work was the most valued, with 46 different countries identifying it as their second-highest priority. Friends came second, followed by religion, and then lastly, leisure.
Almost half of the countries on the list perceive work as the most important aspect of their lives, apart from family.
South American countries, in particular, put an emphasis on work, with seven of nine South American countries valuing work over friends and politics. The only outliers on the continent were Chile (leisure), and Trinidad and Tobago (religion).
Friends were identified as a top priority in 25 of the 94 countries on the list. Europe in particular valued friendship, especially in Norway and Sweden.
While these Nordic countries prioritize their existing friendships, research shows that they aren’t generally keen on making new ones. A global survey found that expats in Sweden, Norway, and Denmark found it extremely difficult to make new friends.
18 of the 94 countries ranked religion as a top value.
These countries, mainly in Asia and Africa, are predominantly Islamic except for a few. For instance, in Trinidad and Tobago, the largest religious group is Christianity.
Only five countries on the list ranked leisure as a top priority—Japan, Canada, Andorra, Chile, and Finland. Finland takes leisure seriously. Its capital, Helsinki, was recognized as the number one city in the world for work-life balance. And Canada’s capital, Ottawa, ranked sixth on the ranking.
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