What values drive our behaviour? (and our spending)
OK so full disclosure, this is a bit off topic, but we found it fascinating we thought it was worth sharing.
Our values are an important part of who we are. There are certain things that many of us can’t avoid spending our money on, but for the most part, it feels good to put your money where your mouth is and support the industries, businesses and causes that you care about. An interesting study from Visual Capitalist reveals that different values hold different levels of importance around the world.
The study comes from a vast data collection, analysing the results of over 500,000 surveys conducted in 152 different languages. The study pinpoints the 56 values that drive all human behaviour, where certain values are more prominent than others and which values are shared across geography and culture. Interestingly, although not necessarily surprisingly, the importance of family as a driving factor of behaviour was found to be nearly universal. In fact, of the 9 geographic regions, 5 ranked family as the most important.
When it comes to the values found to be important cross-culturally, other than family, the top 10 were made up of relationships, financial security, belonging, community, personal growth, loyalty, religion/spirituality, employment security and personal responsibility.
The more we know about our own values and where they stand in relation to different communities throughout the world, the more we can improve our understanding of our attitudes and behaviours. In turn, this knowledge allows us to make more considered decisions around our financial planning. This is particularly applicable when considering investment opportunities and which funds are right for us, but also applicable to our day-to-day spending.
If you’re interested in seeing further insights regarding the world’s most influential values, you can view the complete results of the study at www.visualcapitalist.com/most-influential-values/ where it has been turned into a useful infographic. Some of the results are extremely enlightening!
If you need guidance on how to best align your borrowing with the values that are important to you, talk to us.