Confirmation Bias - Episode 7 | Season 1

Nudging Financial Behaviour

Confirmation bias plays a massive part in the way we all think and make decisions. In this episode, we’re delving into what this bias actually is and how to recognise it in ourselves. It’s so important to be able to spot confirmation bias at play because we can miss a lot when we aren’t aware of it.

To help us get a better understanding of how we all fall prey to confirmation bias, we chat to Rachel Alberts – digital media lead at a top South African retailer. The social media echo chamber effect is a big talking point and shows us just how easy it is to fall into a feedback loop that continually confirms your beliefs. Rachel also gives us some great tips on how to break out of the echo chamber.

Useful links:

A link to the graph mentioned about cognitive dissonance: https://www.nudgingfinancialbehaviour.com/the-social-media-echo-chamber/#CD

Useful tips for beating confirmation bias: https://www.youtube.com/watch?v=xwZj_72Mawk

More on the social media echo chamber effect: https://www.wired.com/story/facebook-twitter-echo-chamber-confirmation-bias/

You can also read more on my blog: https://www.nudgingfinancialbehaviour.com/the-social-media-echo-chamber/   

Or watch to the video version of this podcast episode: https://youtu.be/g6PTSP1LCRk

Special thanks to everyone who has helped put this series together:    

• Our sponsors: IG Markets South Africa    
• Producer: Faeron Wheeler of F Creations
• Music by: Neil Leachman
• Sound recording and mixing: Giovanni Serci of Soundcast Studios    
• Video and editing: Kyle Wesson
• Hair and makeup: Ida Webster 
• Set styling: Michelle Murray of Interiors Etc.  
• Voice over: Sizo Mphti