Mind over Money

September 19, 2016
BBC radio host Hammond (Time Warped) writes, “Psychology shows that although sometimes we appear to make irrational choices about our money, in the longer term those decisions can turn out to be quite sensible.” That may be true, but the argument isn’t much helped by Hammond’s concise summaries of numerous—by her count, 263—psychological experiments researchers have conducted to learn how money changes our thoughts, feelings, and actions. What’s missing is a clear rationale for including consumer-focused insights into such subjects as pricing, attitudes toward poverty, and saving side by side with advice for charity fund-raisers and an analysis of compensation schemes for London financiers. Instead of actionable advice, Hammond offers 32 tips such as “Don’t choose the same lottery numbers every week or you will never be able to stop playing” and “When you go to a restaurant with a group of friends, don’t agree to sharing the bill equally until everyone has ordered.” Britishisms such as “loo rolls” and examples that use British pounds and euros rather than U.S. dollars may put off some American readers of this U.K. import.

October 1, 2016

BBC Radio 4 presenter Hammond (Time Warped) presents an intriguing analysis of the psychology of money and the complexity of our relationship with it. Delving into research in psychology, behavioral economics, neuroscience, history, and sociology, Hammond explains why currency has such a powerful influence on human behavior and thinking. She also includes numerous tips and tricks designed to help use and save it. The clearly written chapters address the early relationship with money formed during childhood, the puzzling carelessness the more expensive an item, why we hate losing money while recklessly gambling to win it, the importance of product pricing, the dynamics of saving, the joy of spending, why giving money away makes us feel better, and the influence of poverty on IQ and bad financial decisions. VERDICT While Hammond's blend of diverse research results covers more fields than found in Eric Tyson's Mind Over Money or Brad Klontz's and Ted Klontz's Mind Over Money, either of those works should suffice for most public libraries. University libraries might prefer Hammond's title with its broader empirical base that summarizes numerous experiments about money, while connecting with readers interested in learning more about the rich, complex relationship most people have with money.--Dale Farris, Groves, TX

Copyright 2016 Library Journal, LLC Used with permission.

Starred review from October 15, 2016
Hammond combines her considerable skills as a journalist, writer, and psychology teacher in this witty, wise, well-researched look at humans' complicated relationship with money. She begins, The ills of our society are not caused by money itself, but the way we use it. So how can we all do a better job of using money for good rather than ill? She devotes the rest of her entertaining, convincing book to answering that question, citing 263 studies to bolster her arguments. Some takeaways: spend on experiences rather than just things; pay with cash rather than credit cards (or at least envision the cash); and recognize that judicious praise can be a bigger motivator than money. (Young kids offered money to draw pictures put down their pencils the second a bell rings for break, whereas those who aren't paid keep intently making art.) Beware of deals, too. Part history, part anecdotes, part research, part tips, Hammond's deep look into our conflicted, world-shaping involvement with money provides striking insights, sage advice, humor, and much food for thought. For example: Money will only help us to live a more fulfilled life if we know what to do with it. (Reprinted with permission of Booklist, copyright 2016, American Library Association.)