True Links: Precursory Lessons from Golf for Effective Financial Behaviour
, , y | 18 mar 2024
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Publicado en línea: 18 mar 2024
Páginas: 12 - 25
Recibido: 05 ago 2016
Aceptado: 31 oct 2016
DOI: https://doi.org/10.2478/fprj-2017-0001
© 2017 Julie Therese Knutsen et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Figure 1.
Focus Group Question Guide
| Theme | Questions |
|---|---|
| How do the dimensions of good golf apply to effective financial behaviour? | |
| What lessons have you learned from your golf game: a) technically b) behaviourally c) by observing professionals versus amateurs on the course versus at the driving range, d) your game strategy compared to professionals? | |
| What are the common mistakes/pitfalls that players make/ fall into trying to improve their game? | |
| What common mistakes/pitfalls have you made trying to improve your game? | |
| What strategies [and outcomes] have you attempted to correct your game? How successful were the strategies? | |
| From this experience [above] how would you now describe the dimensions of good golf? | |
| How important has the role of your golf coach been in terms of: a) changing misconceptions about your approach, b) correcting your approach and/or knowing what to correct, and c) developing your self-efficacy about making good golf decisions? | |
| Understanding that golf and financial success are both target games, how do: a) the mistakes/pitfalls of golf compare to financial behaviour, b) the strategies to correct the golf game compare to corrections needed for effective financial behaviour, and c) the dimensions of good golf compare to the dimensions of effective financial behaviour? | |
| From your observations of golf ethics, particularly of those that have embedded it into their game and those that haven’t, would this be indicative of their ethical financial behaviour? |
Comparison of concepts and themes emerging from the literature and focus group data
| Concepts Emerging from the Literature | Themes Emerging from the Focus Group | ||
|---|---|---|---|
| Psychological Errors Affecting Financial Decisions | Error Management Strategies Employed by Elite Golfers | Observations of Error Management for Better Golf | Error Management - Golf vs. Financial Behaviour |
| Over- or underestimate the frequency of favourable and/ or unfavourable outcomes. | Develop a willingness to be coached. | Quality coaching can get you over the water and nearer the target. | As with golf, if you have a bad experience, you learn and progress. |
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Strengthen mental control by conscientiously committing to improvement ( |
Commit to pre and post shot routines rather than dwelling on the leaderboard. | To reach the pin, with golf and financial planning, quality advice is critical. |
| Belief they are better than they actually are, exaggerate their ability to control events and blame. ( |
Manage one’s thinking by planning to reach the target. | Maintain focus on target rather than focusing on trying to avoid an action. | Like the successful, wealthy, good golfers know, bad golf cannot be rectified with blame. Instead, operating effectively requires careful analysis of fact prior to making financial decisions. |
| Consider immediate shot in play and impact of decisions from previous play. | Manage thinking by planning to minimise bad shots and analysis of facts to play effectively. | ||
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| Create an illusion of control, believe to have influence over uncontrollable events built from earlier successes. | Adopt risk-averse behaviours to manage the impact of negative thinking created from prior unwanted outcome. | Top golfers focus on one shot at a time. To minimise loss, good golfers are more likely to play safe, leaving the ball short of the hole to avoid difficult follow-up putts | People forget about probabilities. Like golf, better to play safe and putt for par. |
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