Biases may be impacting your financial outcomes — how to fend them off

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Anne Hoare: Swings in financial markets can breed fear and cause even rational investors to make irrational decisions

Published Dec 26, 2023 • Last updated 1 hour ago • 4 minute read

Instead of pulling your investments out during times of stress, seeking professional advice can help you navigate your financial biases. Photo by Getty Images/iStockphoto

By Anne Hoare

Humans inherently have biases, but many don’t realize financial biases exist. Emotions naturally play a role in our financial success, leading us to safeguard against their impact through measures such as maintaining multiple bank accounts and diversifying our investments.

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Ironically, what may seem like appropriate reactive strategies might be biased thinking. This is why it’s important to bring in a financial adviser with the expertise to recognize and coach investors through these biases.

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Special to Financial Post

2023-12-26 11:00:12

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