Every day, two things surround individuals: money and images. These two items surprisingly correlate with one another, and at times create conflict. Images are seen everywhere. The average American is exposed to over 3,000 images every single day. (Killbourne, & Pipher, 2000) These 3, 000 images affect an individual’s financial decision, without them even knowing it. These choices affect them both short term and long term. This can be seen through the increase in sales after a new phone goes on sale, or when Black Friday occurs. Individuals are motivated to spend money due to being surrounded by the images around them. Most people don’t think that images have an affect on them. However, this is a multi billion-dollar industry. According to Kilbourne and Pipher, (2000), companies spend over $ 200 billion dollars a year on advertisements. With companies spending so much money on advertisements, it is understood, that advertisements, and images, have a power of motivation. As a result, studying the correlation of images and financial decision-making is very beneficial. It would be essential to know more about this topic because it would help to understand why individuals are affected by images, and how it correlates to financial decision-making.
It has been observed that images can affect an individual’s financial decisions. This could be seen in an experiment conducted in which a male participant was more motivated to spend money after being exposed to an image of a beautiful woman. (Griskevicius, Tybur, Ackerman, Delton, Robertson, & White, 2000) The individual was more willing to spend money, and showed little concern about their financial well - being. The study also concluded the men preferred immediate rewards, and there we...
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...al attitudes and spending habits of university freshmen. Journal of Economics and Economic Education Research, 10(1), 1-11.
Griskevicius, V., Tybur, J. M., Ackerman, J. M., Deltom, A. W., Robertson, T. E., & White, A. E. (2012). The Financial Consequences of Too Many Men: Sex Ratio Effects on Saving, Borrowing, and Spending. Journal of Personality and Social Psychology, 102(1), 69-80.
Kilbourne, J., & Pipher, M. (2000). Can't buy my love: how advertising changes the way we think and feel. New York: Simon & Schuster.
Powell, M., & Ansic, D. (1997). Gender Differences In Risk Behaviour In Financial Decision-making: An Experimental Analysis. Journal of Economic Psychology, 18(6), 605-628.
Wang, J., & Xiao, J. J. (2009). Buying Behavior, Social Support And Credit Card Indebtedness Of College Students. International Journal of Consumer Studies, 33(1), 2-10.
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