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Busting myth-busting myths

1 min read

Financial educators are keen on busting myths. It's understandable, but it's a mistake. It seems a good idea, but it's a very bad one.

Why? Because it's flawed in principle and doesn't work in practice.

The flaw in the principle is that it gets the relationship between the educator and the learner all wrong. If you are myth busting your starting point is that your audience is mistaken. You are telling people that what they think is false or muddle-headed. You, on the other hand, are the possessor of insight and wisdom. You are the cleverclogs, they are the dimbos. This is not a good position for an educator. Great if you want to show off. Not so great if you want to help people to explore, reflect and discover.

The practical problem is that debunking a myth involves repeating it. Repeating a statement is a very good way of getting people to remember it. The fact that you are repeating it to show that it is false doesn't make that much difference. People forget that detail, especially after a few days. They just remember the statement.

What kind of money myths am I talking about? Sorry, I can't answer that question. I'd have to repeat untrue statements, which I'm arguing is not a sound idea. If you must, search online for money myths and you'll get plenty of examples. Money Saving Expert is sadly fond of this flawed way of communicating. So are the money aware writers for the StepChange debt charity.

Researchers recommend that the best way to bust a myth is to focus on a clear statement of the reality. It may not make for such a grabby headline. But it will work a lot better.

PJ White is editor of Youth Money

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