Don't fall for this trick question — get smarter about your money. investinyou (In partnership with acorns.)
You know you need to save money. You try to look for the best deals. But are you really going about it the right way?In a new CNBC Invest In You and Acorns Savings Survey, a majority of respondents fell for this trick question: Would you rather get 10% off a $100 item or drive five miles out of your way and get 20% off a $50 item? Of those polled, 51% chose going out of their way for what they thought was a better deal. However, the savings were the same.
"We have a very hard time understanding and being motivated by abstract ideas," he said. So when you start throwing percentages around,"it's really easy for us to make a dumb decision or … one that isn't in line with our best interest," he added."It starts to get abstract." "For a lot of people, it feels like it's supposed to be common sense but often times it's just not" she said."It's its own body of knowledge."
The statistics show that many people need help when it comes to understanding their finances and how to save for retirement. According to a recent study by Bankrate, 21% of working Americans aren't saving anything at all. There are also psychological aspects. In fact, Klontz said psychology is the No. 1 factor when it comes to making financial decisions.
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