How can I overcome the influence of "status quo bias" on life decisions?

You...don't like your job. It's a lot of work, and you don't see yourself growing in your current position. There are probably better opportunities out there, and a part of you wants to quit this job to do something else.

But you stay. "At least I have a job," you tell yourself.

This is one example of the status quo bias working against you! You could be doing better, but why does it stop you? This mindset can greatly influence your life decisions, so how can you combat it?

Status quo bias is the tendency to prefer the current state of things and not want anything to change. Even if there are better opportunities available, you want to keep things the way they are.

Example:

You have been using the same skincare brand for years. There are better options out there — probably brands and products that can help your skin a lot more than your current brand! However, you stick with the brand you're using despite the potential benefits of switching.

Why does status quo bias affect you?

• The item/routine is familiar to you. You value what you have, and changing it can bring discomfort. This leads to the endowment effect (the bias of how we prioritize/value things that are ours compared to if they weren't)!

• Changing anything can be risky. You may fear losing something in the process, and that can lead to regret. Therefore, you start believing that sticking with what you have may be a "safer" choice.

• It takes time to make choices. Making a decision takes a lot of time to research and weigh out the pros and cons. You may decide it's not worth the effort to change and stick with what you've got.

How does status quo bias affect your life decisions?

• You stay in situations that can limit your growth (ex. staying in a job that no longer fits your goals).

• You avoid decisions that could be beneficial (ex. rejecting better insurance plans that are cheaper/offer more coverage).

• Your quality of life may decrease (ex. eating the same unhealthy foods because it's comforting or avoiding the doctor's office out of fear).

Jen lives in Summerfield, and she stays in the same house she grew up in.

She's been struggling. Her commute to work is over an hour, and as much as she loves her home, she feels that the lifestyle doesn't fit her anymore. She considered moving out to a new place, but she's hesitant to make that choice because she would have to worry about new bills, and she's afraid of such a drastic change.

What are the signs of the status quo bias affecting her decision to stay or move out of Summerfield? Select all that apply:

A. She grew up in the house.

B. She finds comfort in the house since it's familiar.

C. The Summerfield lifestyle doesn't fit her anymore.

D. She worries about the many choices she'd have to make if she were to move.

If you think you're falling for status quo bias:

• Address the fear. It's alright to feel overwhelmed, but don't let feelings/emotions get you! Take a deep breath and focus on the facts. Your decision is yours.

• Make small changes. Make a short commitment before diving into a permanent one (ex. work as an intern for a company/position before deciding that's what you want).

• Ask yourself: "If I could start again, would I make this choice?" This forces you to see things as they are without habit or history influencing you. If the answer is "No," you're likely choosing it out of obligation — not because you want to!

• Create a pro-con chart for changing your original choice and keeping it. This allows you to see what you gain and lose with each option.

• Ask for different opinions. Having an outsider's point of view can give you a more objective perspective of your situation, which can help you identify holes in your reasoning.

Back to your job from the opening of this Byte! Recap: Your job is very demanding, and you don't see yourself growing in your current position. You've considered different opportunities out there.

Now that you know what status quo bias is, how can you combat it? Select all that apply:

A. Wait until yo're 100% ready to make that change.

B. List the pros and cons of each choice.

C. Talk to others for their point of view/feedback.

D. Stick to your current routine since it's safer.

Taking a step back to consider your choices and think through the consequences of each option will help you make the most informed decision. Whatever decision you make, choose what's best for you, and don't let fear get in the way of new opportunities!

Whenever you feel that the status quo bias is getting to you, break it down: