In all decisions poor decisions arise from the tension between the ‘sensible’ decision for long-term financial needs, and the ‘emotionally comfortable’ decision in the short term. This need for emotional comfort means that investors continually deviate from good financial decisions, at the cost of financial returns - for investments this can cost on average 3% per year over time (and this is without considering other financial decisions: savings, debt, insurance etc.). Improving decision-making requires moving towards a better trade-off between optimal and comfortable… finding a cheaper way of buying the emotional comfort that we all need. There are many ways of narrowing the gap, making investors more comfortable with better investment solutions … but to do this well requires understand each individual investor's unique financial personality. This has particular resonance in regard to both Covid, and the rise in retail day-trading … both exacerbate the emotional component of decision making and raise the chances of very costly bad decisions. Decision prosthetics can help guide people more consistently to better decisions.

An opportunity to really appreciate the types of incidents that are and are not covered by Cyber Insurance

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