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You probably think you are sensible and can make rational decisions. But you may not realise that you are influenced by a number of behavioural biases which can result in poor decision making.

Poor numeracy skills and lack of understanding will have a negative influence on your decision making. A good adviser will help you overcome your behavioural biases.

Some of the most common behavioural biases are as follows:

  • Overconfidence – You may overestimate your ability to make the right decisions
  • Information bias – Watch out for fake or misleading news
  • Loss aversion – Fear about short term losses may result in you being over cautious
  • Hyperbolic discounting – You should avoid short-termism and take a longer-term view

By presenting facts and figures in a clear and concise way and making sure you understand the importance of taking a long-term view of your retirement needs, a good adviser will help you avoid making mistakes resulting from your behavioural biases.

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