Magazine article Management Today

Wise Words: Think Again - Why Most New Year's Resolutions Fail

Magazine article Management Today

Wise Words: Think Again - Why Most New Year's Resolutions Fail

Article excerpt

In much of the western world, an estimated one in two adults begins every year with some form of resolution:

to lose weight, to exercise more, to eat more healthily, or, in the case of rapper Jay Z, who was caught fighting with his sister-in-law in a hotel lift, it may be to take the stairs. The hope is that the new year will somehow enable us to reset the quest for our ideal self, abandoning our sinful habits and toxic behaviours. Because, as TS Eliot wrote in Little Gidding: 'For last year's words belong to last year's language/And next year's words await another voice.'

Unfortunately, there are few reasons to be optimistic about new year's resolutions. Psychological studies show that almost 80% fail, the vast majority in the first few months. There is even an academic term for this: the 'false hope syndrome', which is a common tendency to set optimistic goals in order to feel better about ourselves, only to see those goals fail shortly afterwards. And the cure for our disillusion is to simply set new goals, even though they will also remain unaccomplished ...

Astonishingly, the effect has even been found in hyper-rational areas of life, such as financial investments. For example, there is a 'January effect' in most stock markets whereby trading, especially in uncertain or poorly performing stock, is substantially higher in the first month of the Christian calendar. The explanation is that people project their seasonal optimism even onto their financial - and supposedly logical - decisions. …

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