Psychology of Poverty

4 min read

There seems to be a genuine belief that if you just work hard enough, dream big and go hard, you will escape poverty. If you’re poor, you just have the wrong mindset. It is quite obvious that this reasoning is wrong. Many factors contribute to someone becoming wealthy and successful. Luck plays a massive part here, but often remains underestimated. Other big players for becoming wealthy are privilege and timing. Is it really that far-fetched to think that those same factors implicate those who live in poverty as well, rather than their mindset? Now, ironically, there is an argument to…...

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Merle van den Akker Merle van den Akker is a PhD student in Behavioural Science, at the Warwick Business School. She studies the effect different payment methods, especially contactless and mobile methods, have on how e manage our personal finances. In her "free" time she writes articles on personal finance, behavioural science, behavioural finance and life as a PhD student, these are all published on Money on the Mind. With DDI, she writes on personal and behavioural finance, to ensure that knowledge from academia trickles into the mainsteam, and can help as many people as possible!