I have previously written about the brain and biases, but today I will focus on one particular cognitive bias that affects most of us and that is confirmation bias. While many of us like to think of ourselves as rational and logical, unfortunately that isn’t always the case.
Since confirmation bias affects virtually all of us to one degree or another, it would be helpful to know what it is so we can recognize it and deal with it appropriately. Confirmation bias is when we try to force that which we come in contact with into our own world view of that concept. Additionally, we generally will only seek out information that validates our viewpoint.
Regardless of our opinion on any topic, we tend to notice and indeed seek out information that confirms our preconceptions. We generally don’t seek out information that could prove us wrong. This bias is so strong that even scientists, the supposed paragons of logic and rationality, have been known to dismiss information that doesn’t support whatever theory they are advancing.
No matter what the topic and which side of the argument we come down on, we will generally only pay attention to or read those articles that confirm our view. Once we decide how we feel about a particular topic, we aren’t likely to change our minds, even if new information becomes available. Can you see how this has the potential to be a problem?
And so it is with life insurance. If we have been adults for any length of time, we probably have an opinion not only about the concept of life insurance, but also about the different types of life insurance products. We might not remember where or when or from whom we picked up those opinions, but we have them and what’s more, we will defend them.
The real problem with confirmation bias is that it can prevent us from looking at a situation objectively, which can negatively impact our decision making process. And a poor process tends to produce poor results.
If you’re like most people, you probably think that this doesn’t apply to you, that you really are rational and logical. If so, congratulations! You’re suffering from blind-spot bias, defined as the inability to recognize your own cognitive biases.