Behavioral Science and The Job of Financial Management

Back in 1999, I worked as a consultant to a large fiber-optic cable company that was staffing a new plant in Pennsylvania. For months, our crew of grad students and industrial psychologists administered validated tests, interviews, and work samples to thousands of potential candidates to fill manufacturing roles. In the work sample, applicants had to coil thin, translucent cables into circles and pack them into thick, zipper-top bags while racing against a clock. Only some …
Americans are stressed about money. The latest report from the American Psychological Association (APA) on stress finds that money is the most frequently reported stress factor, followed by work, the economy, family responsibilities, and personal health. The report indicates that 72% of Americans feel stressed about money some of the time, and over a quarter (26%) of Americans feel stressed about money most or all of the time. According to the study, the most …

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