It may come as a surprise, but according to research from across the world, our favorite kinds of music can reveal a lot about our personalities. And the music we enjoy listening too has a significant impact on how we handle our finances! Did you know that shopping malls and retail stores have long known to influence our buying behavior with certain types of background music?
Music has the power to trigger our focus, magnifying our moods and emotions. Even our gender, age, social class, and cultural backgrounds play significant roles in our musical taste. So, it is only natural that our playlist's contents, for example, can reveal something about how we deal with our money!
Your Music and Your Money
If you are a fan of contemporary popular music, such as the latest in cinema or the chart busters, you are likely an extrovert, practical and conventional. You are more comfortable following popular trends, always on the look-out for a good bargain. You are quite conscious about balancing your income and spending. While you are okay with going in for an occasional loan, regular investing in traditional saving instruments or SIPs in mutual funds could be your kind of things to invest in!
Rap & Hip-Hop Music
Despite the stereotype that rap, and hip-hop music lovers are aggressive, researchers have found no such link. Fans of Rap and Hip-Hop do tend to have high self-esteem and are usually outgoing. You prefer staying off the beaten path, are more experimentative in your tastes, and inclined towards risk taking. In investing, you may like to dabble in equity instruments.
Studies indicate people who prefer EDM and fast-paced, thumping music are usually the life of the party and are assertive about their needs. Too open to new experiences, you are likely an uninhibited spender if you love good live music. Nothing, but the best for you! Your financial well-being is essential to you, and you spare no effort to always look for the best ways to earn serious money! Great at business deals and trade-offs; you are at your very best, as long as the going is good. So, if you are aware of this, you might want to put aside enough for rainy days in an emergency fund.
Classical & Jazz Music
If your taste in music leans to classical and jazz music, you are likely an introvert, at ease with yourself and the world around you. People like you are usually creative with a great sense of self-esteem. You tend to be discerning in your spending habits, seeking tasteful, classy products, and services. Patient in your approach to investments, you prefer solidity and avoid risks. Traditional investment instruments are one of the modes that you may prefer to park your monies. Few of the other investment avenues for you could be debt or hybrid mutual funds.
When the music stops
There seems to be a definite correlation between our music preferences and attitudes towards spending or saving our money. Soft classical music can cause us to slow down and underestimate the amount of time we spend strolling around a store, picking up more things. Researchers suggest songs with a heart-thumping beats improve our decision-making skills. But the next time you sit down to balance your monthly budget, it’s best to have something sober playing in the background.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.