Status Quo Bias
Status quo bias is a cognitive bias that refers to the tendency to prefer the current state of affairs, even when there is an alternative that may be objectively better. This bias can be seen in many different areas of life, such as politics, economics, and personal decision-making.
There are several reasons why people might exhibit status quo bias. One reason is that it can be risky to change the status quo. When we change things, we introduce uncertainty and the possibility of loss. People often prefer to avoid these risks, even if the potential benefits of change are great.
Another reason for status quo bias is that changing can be costly. When we change things, we must invest time and effort in learning about the new situation and making the necessary adjustments. This can be a barrier to change, even if the benefits outweigh the costs.
Finally, status quo bias can be caused by inertia. Inertia is the tendency to keep things the way they are simply because they are already that way. This can be a powerful force, even when there is an excellent reason to change.
Status quo bias can have numerous negative consequences. It can prevent people from making changes that would improve their lives. It can also lead to stagnation and inefficiency in organizations and societies.
Many things can be done to overcome status quo bias. One must be aware of the prejudice and try to overcome it consciously. Another is to gather as much information as possible about the new situation so that we can make an informed decision about whether to change. Finally, we can try to make small changes rather than big changes, which can make change seem less daunting.
Here are some examples of status quo bias:
- People are likelier to remain in their current job, even if unhappy than look for a new one.
- People are likelier to stay in their current relationship, even if it is not working. Divorce and uncertainty are unbearable for some.
- People are likelier to invest in the stock market, even if the market is overvalued than in other assets.
- People are likelier to vote for the current candidate. It's better the devil you know, sometimes.
Status quo bias is a powerful cognitive bias that can significantly impact our lives. By being aware of this bias and taking steps to overcome it, we can make better decisions that are more likely to improve our lives.
There are many Cognitive Biases, many more than most people realise. If you want to think your way out of a mind trap, you must first realize that you're already trapped.
If you want to enhance your professional skill set or help an employee on the road to success, enrol on our 5-day Discovery Public Speaking Course. The course helps you to polish your skills so you can present comfortably to the board and other industry professionals. Book a place on this 5-day course for just £1750 + VAT. It's a life-changing event.
