Majd Maksad and his company, Status Money, recently completed a study all about peer pressure and the effects it has on your money. If I’m going to be honest, I’ve probably made a money decision or two in the past based on peer pressure. Would it surprise you to know that peer pressure actually can help people save money and change their spending habits?

 This Podcast Episode:

Peer pressure can help consumers cut their spending by a whopping $600 a month, according to a new independent study by the University of Chicago and University of Maryland using technology from statusmoney.com.  With more than half of Americans having less than $1000 in savings and 17% negative net worth, peer pressure could help combat what some experts are calling a debt epidemic.

I wanted to get to the bottom of this and chat with Majd about these findings and how Status Money is helping people with their own money decisions. Many of the key findings were particularly interesting and I think they say a lot about the role peer pressure plays in our finances.

Ask Shannah Live – podcast listener Heidi joins me for our first life Ask Shannah session. Hear her story of losing her job and having to make some tough choices about paying off debt or saving her money.

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