Professor Berns has discovered that our brains literally can be seen ‘switching off’ when offered expert financial advice.  He monitored 24 volunteers using fMRI technology whilst asking them a  series of questions spanning the range from gambling to guaranteed payouts. 

“During some parts of the game the subjects had to make decisions on their own, while in other parts they were advised by an expert economist.

The subjects tended to take the advice, even though it was not always likely to lead to the highest possible earnings. Their brains also showed different patterns of activity when advice was available and when it was not.When participants had to make choices by themselves, they showed high activity in brain areas such as the anterior cingulate cortex and the dorsolateral prefrontal cortex, which are involved in active decision-making and probability calculation.”

It is another example of Flight / Fight behaviour.  Emory University have observed that when confronted by money related ‘stuff’, we have two main responses, boredom and fear, in other words, flight / fight!

I would imagine that this our response to expert advice which  spans a much wider area than just the financial.  If it is important and we don’t really understand it, then we are likely to turn to an expert, and we then find ourselves in this position of being apt to surrender our power to them.

Be careful who you pick.  Do remain critical.  Despite all indications to he contrary, you are the expert on your life.

.. of course, as this is ‘expert advice’ you should retain your personal right to ignore it!! 😉 

“An expert is someone who knows a lot about the past.”   Tom Hopkins

“Expert: Someone who brings confusion to simplicity”   Gregory Nunn

Resources:

• Times Article