The power of regret
Chris Broome – Chartered Financial Planner
Regret can have a significant impact on our decision making.
Our short piece today explores how.
The fear of making a decision that we might later regret can lead us to delay making a choice or to avoid making any decision at all.
At the same time, past experiences of regret can also shape our decision making by influencing our future choices.
When faced with a decision, individuals often consider the potential outcomes and the likelihood of each outcome occurring.
However, the emotional weight of regret can make individuals focus more on the potential negative outcomes and be overly cautious in their decision making.
On the other hand, past regrets can also serve as valuable lessons and influence our decision making in a positive way.
For example, someone who regrets not saving enough for retirement may be more motivated to save aggressively in the future.
Overall, while regret can shape our decision making, it’s important to strike a balance between being cautious and taking calculated risks to achieve our goals.
It’s also essential to learn from past regrets without allowing them to paralyse us from making important decisions in the present.