Here is a social experiment. These guys in the financing business set out to try to give away money to ordinary citizens walking down a busy sidewalk in several English cities. They tried so hard to give the money away they even wore sandwich boards saying it loud and clear! Of the hundreds of people who walked by the guy giving away free money, only 28 took advantage of it. AMAZING!
Are you too rich, proud, stupid, busy, embarassed, or skeptical to take free money?
Read the artical, at the end of it there is a test to see if you learned anything from reading it. Lets see how you do.
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Brits Fail To Cash In On Free £5 Notes
• Just 28 people took free fivers in two busy crowded streets
• And further research shows that half of all Brits claim they would also turn down free cash
The full extent of Britain’s financial inertia was laid bare today when passers-by in London and Manchester were offered a free £5 note, no strings attached.
Representatives from price comparison website, www.moneysupermarket.com wandered the streets this morning wearing sandwich boards offering a free £5 note to anyone who asked. Despite encountering over 1800 people, only 28 passers by bothered to take advantage of the offer.
Even when those few plucky souls claimed their free booty it didn’t spark a stampede. The exercise was designed to illustrate that, credit crunch or no credit crunch, Brits are unwilling to take even the simplest steps to improve their financial situation.
Additional research found that more than half of all Brits (53 per cent) admit they too would not be bothered to claim their £5 if they were in the same situation. This finding suggests that people actually overestimate their own likelihood of acting in such a situation, given the poor take up of the offer on the streets of London and Manchester.
“This exercise reveals a fundamental inertia which is stopping people from making sensible financial decisions,” said Tim Moss, head of loans and debt at www.moneysupermarket.com. “This was a completely genuine, no strings attached offer. People simply had to approach the sandwich board wearer and ask for a fiver. If more than 98 per cent of the people who passed by couldn’t be bothered to do that, it raises some interesting questions about what needs to be done to persuade people to make an effort to improve their financial position.”
The experiment also found a stark difference in the attitudes of men and women. On the streets of London and Manchester, all but 7 of the people who claimed the free cash were men and the research backed this up further. In a poll of 2000 people almost two thirds of women (64 per cent) said they would not claim the free fiver, compared to 41 per cent of money-shy men.
Additionally, the experiment found that Londoners were more reserved than their Manchester counterparts. Whilst just 1.2 per cent of people took advantage of the offer in London, this figure increased to 3.1 per cent on the streets of Manchester.
The research also found that the older the person, the less likely they would be to act on the free offer. Whilst some two thirds of under-twenties say they would claim the free cash, this steadily drops the older we get, declining to only a third (35 per cent) of over 70s who claim they would ask for a free fiver.
Why do Brits believe they would fail to take up the offer?
• Six in ten people say they their cynicism would prevent them from asking for free cash as they would suspect a catch or trick.
• Twenty per cent of people would simply not believe the offer was real – a trend which increased with age. Almost a third of over 60s claimed they wouldn’t believe the sandwich board wearer.
• Just over one in ten people said they would feel too embarrassed and three per cent of people said that £5 wasn’t worth the effort.
So here is your test/reward. Click on the cow below and you will go to the 'artscow' website where you will be given credits to print 1200 free photos. That is about $25 worth, completely free. What is your excuse?
Thanks for reading,
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
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Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
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Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage broker and mortgage financing expert with Canada First Mortgage of Calgary Alberta. He has been in the lethbridge real estate industry since 1993 and offers full MLS services to the Lethbridge real estate market and surrounding area.. He can be found online at www.LethbridgeLoans.com
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Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.