Financial Psychology: Needs, Emotions, Money, & the Connection

Only positive experiences related to money (for example, receiving an unexpected bonus) can trigger an individual’s emotional response.

• True

• False

Of the five human needs identified by Maslow’s “Hierarchy of Needs,” which is/are directly linked to everyday necessities such as food and shelter? More than one answer may be correct.

• a) Physiological

• b) Safety

• c) Love and Belonging

• e) Self-actualization

All of Brodie’s friends are taking a spring break trip to the beach. Brodie wants to go to Europe on the summer vacation for which he has been saving up. All of the following, except ____, could be possible results of a short-term pleasure decision:

• a) Brodie could have gotten a tan during spring break.

• b) Brodie could have enjoyed a break from school before final exams.

• c) Brodie would’ve had enough money to go to Europe for summer.

• d) Brodie could’ve met an interesting person during the spring break

Carryn likes to treat herself to sushi a couple times a week. This week she chooses to buy sushi instead of using that money for a needed oil change for her car. Which emotional reaction did Carryn prioritize over the other?

• a) short-term pain vs. long-term pain

• b) short-term pleasure vs. long-term pleasure

• c) short-term pleasure vs. short-term pain

• d) short-term pain vs. long-term pleasure

What is the first step in managing your emotions to decrease negative financial outcomes? t

• a) Calling a friend for advice

• b) Doing your taxes

• c) Opening a savings account

• d) Getting educated

Match each emotion to its corresponding opposite emotion according to Robert Plutchik’s “Wheel of Emotions.”

Sadness

• a) Anticipation

• b) Joy

• c) Disgust

• d) Anger

Match each emotion to its corresponding opposite emotion according to Robert Plutchik’s “Wheel of Emotions.”

Trust

• a) Anticipation

• b) Joy

• c) Disgust

• d) Anger

Match each emotion to its corresponding opposite emotion according to Robert Plutchik’s “Wheel of Emotions.”

Surprise

• a) Anticipation

• b) Joy

• c) Disgust

• d) Anger

Match each emotion to its corresponding opposite emotion according to Robert Plutchik’s “Wheel of Emotions.”

Fear

• a) Anticipation

• b) Joy

• c) Disgust

• d) Courage

Match each situation to the specific human need being met on Maslow’s “Hierarchy of Needs”.

Now that Linda has reached retirement, she is able to spend her time volunteering at the local animal shelter

• a) Safety

• b) Self-actualization

• c) Love and Belonging

• d) Esteem