"This is because most people - maybe 95% - are ruled by their emotions rather than rationality. Or to put it more precisely, people make decisions based on emotions and then use their rational mind after they make their decision to rationalize their purchase"
I thought there was pretty solid evidence it was 100% of us who acted like this. Just that for some our "emotional" decisions (or at least, our subconscious decision making processes) are better informed.
FWIW, I'm pretty sure one's financial sense is more guided by upbringing than genetics - though supposedly there's a lack of strong evidence that, for instance, whether you give your kids pocket money and encourage them to manage their own finances makes all that much difference, which always surprised me (and I did it anyway - kid's now got his own job and seems to manage money pretty well so far).
I thought there was pretty solid evidence it was 100% of us who acted like this. Just that for some our "emotional" decisions (or at least, our subconscious decision making processes) are better informed.
FWIW, I'm pretty sure one's financial sense is more guided by upbringing than genetics - though supposedly there's a lack of strong evidence that, for instance, whether you give your kids pocket money and encourage them to manage their own finances makes all that much difference, which always surprised me (and I did it anyway - kid's now got his own job and seems to manage money pretty well so far).