New Year, better me
{Originally published by Tegan Crymble for BreadCrumbs}
Eighty percent. That’s roughly the number of New Year’s resolutions that fail. But why is it that the majority of us are failing to follow through with our well-intentioned resolutions, most of which will make us happier, healthier humans?
Well the simple truth is that we don’t like things to change, especially if that change is hard. We intrinsically have a status quo bias which makes us want things to stay relatively the same (think creatures of habit) and overcoming the inertia to change is difficult. So how do we break the mould and make sure that 2020 is in fact the year of the body or the mind or whichever aspect of our lives that we are looking to improve?
The answers lie within Behavioural Economics, a science that looks at the effects of psychological, cognitive, emotional, cultural and social factors on our decision making.
The principles housed under Behavioural Economics are pivotal in giving our New Year’s resolutions a fighting chance. Here’s why.
The donkey and the carrot
Hyperbolic discounting is a buzz word these days and is a decision-making bias that holds a lot of weight. Simply put, it means that we have a stronger preference for more immediate payoffs compared to later ones. Let’s consider a practical example of this using one of the most common resolutions: losing weight. You want to lose weight through eating healthily but because we are hard-wired to choose immediate gratification over long-term rewards, we more often than not eat the Steers burger and forego the beach body. To prevent these behavioural patterns, we need a commitment device. This is a way to lock ourselves into following a plan of action that we may not want to do but know is good for us. Incentives through either reward for good behaviour or punishment for poor behaviour can help with this. A reward can be a new outfit if you succeed, or a forced donation to a political party you don’t support, if you don’t.
Use social media for good
Tired of scrolling through Facebook and Instagram and seeing everyone’s daily workout regimes and activewear selfies? It turns out that there is some credit to this type of approach if your New Year’s resolution is to get fit. Announcing to your social group that you have made a resolution is one way to keep to it. This is called commitment bias and refers to how people tend to stick to things they have done or said they would do, particularly in a public forum, because we see consistency as a desirable trait. Declaring your resolution and actively working towards it adds an accountability layer that is powerful in helping you stay on track.
Invest in something, anything
No, I’m not talking about the JSE or the next crypto-currency, I’m talking about having skin in the game. People are more invested in not losing something as opposed to gaining something — a principle called loss aversion — and it’s more powerful than you think. The Vitality wellness programme does this brilliantly, they give you your annual status upfront and all the perks that go with it (shout out to my fellow Diamonds out there) and then make you work throughout the year to not lose it as opposed to getting it. So, if you want to learn to play a musical instrument this year, try booking and paying for your lessons upfront. The chances of you following through with something that you have already invested in are far greater.
The company you keep
You’ve likely heard the quote “You’re the average of the 5 people you spend the most time with” by motivational speaker Jim Rohn or some derivative of “Show me your friends and I’ll show you your future”. You are influenced by far more people than just those 5 but the principle remains that the company you keep is important. There are several behavioural economic principles at play when it comes to social influence, noteworthy here are the bandwagon effect (doing things because other people are doing them), FoMO (a pervasive worry that others might be having a rewarding experience that you are not a part of) and herd behaviour (individuals in a group acting collectively). Use these to your advantage. If your New Year’s resolution is to run your first marathon, join an athletics club or surround yourself with people who like to run and take part in weekly races.
Show me the stats
Feedback is crucial. We have an information bias which is our tendency to seek out information even when that information may not affect action. Something as simple as seeing your progress statistics, however small or slow it may be, can go a long way in affirming your [changed] behaviour. Leverage technology to help with this. For example, if your New Year’s resolution is to stop smoking, use apps to track the (often invisible) benefits of your smoking cessation by getting regular feedback on metrics such as gum texture, coughing and wheezing and reduced risk of heart disease. These ‘quantifiable’ stats are very persuasive and let you know that what you are embarking on is worth it. Strava does this excellently in the fitness space, give this popular platform a try.
Whatever your resolutions, I wish you luck on the journey and hope you are able to use some of these BE principles to help you out along the way. Remember, changed behaviour is not confined to the start of the year so feel free to reinvent yourself whenever and wherever you choose.
Tegan Crymble is a business strategist with an academic background in health sciences and statistics. Upon completing a Master of Science degree in Human Kinetics and Ergonomics, Tegan moved into the wellness space which formed the foundation for her career specialising in behavioural science and business strategy.
