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Breaking the Herd Leveraging Financial Mindfulness to Combat Investor Herding Behavior
Abstract
This chapter examines herding behaviour in investors that affect the financial market. Herding involves investors mimicking others' actions due to factors like limited information, market sentiments, and psychological biases. Individual investors, less informed and more susceptible to emotions, herd more. Drawing from Buddhist economics, financial mindfulness emerges as a crucial intervention to mitigate herding. It promotes awareness of one's financial situation, enhancing independent decision-making and reducing impulsive behaviour. Empirical evidence supports mindfulness-based interventions in improving financial decisions and managing debt effectively. By cultivating a thoughtful approach to finance, financial mindfulness empowers investors to resist herd behaviour, fostering stability in financial markets.
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