Money Meetup in Novi Sad opened a discussion on how psychology influences citizens’ financial decisions

Experts in finance and psychology discussed the habits, emotions, and social influences that shape people’s relationship with money.

The Money Meetup titled “The Psychology of Money: The Impact of (Ir)rational Decisions on Financial Wellbeing” was held in Novi Sad as part of Global Money Week, a global initiative dedicated to improving financial literacy and fostering a responsible approach to money. The event was organised by the Centre for Financial Education and Empowerment (CEFIN), with the support of Erste Bank Serbia, bringing together experts in finance, psychology, and sustainable development, as well as numerous citizens interested in better understanding their own financial behaviour.

The central part of the event was a panel discussion focused on the psychological factors that influence our financial decisions—specifically how emotions, habits, and social influences shape our relationship with money. The discussion was opened and moderated by Sonja Konakov Svirčev, Manager for Corporate Social Responsibility, Diversity and Inclusion at Erste Bank, with panellists including Marija Mutić, Director of Communications at Erste Bank; Timea Bodiš Bašić, psychologist and psychotherapist from the organisation Rezilijent; and Karolina Herbut, financial educator and co-founder of Prospera and CEFIN.

During the discussion, the panellists addressed why we often fail to apply the financial advice we already know, how emotions such as fear or the need for security influence our financial decisions, and why comparison with others or social pressure can strongly affect how we spend, save, or invest. Special attention was given to understanding that financial decisions are not purely rational, but are often the result of a combination of knowledge, habits, experience, and emotional responses.

“When we talk about financial literacy, we often focus on knowledge—what we should do with money. However, in practice, we see that knowledge alone is often not enough to change behaviour. Our financial decisions are strongly influenced by emotions, habits, and the environment we live in, which is why, alongside information, it is important to develop an understanding of our own relationship with money. Only then can we make more thoughtful and sustainable financial decisions in the long term,” said Marija Mutić, Director of Communications at Erste Bank Serbia.

The ninth Money Meetup in Novi Sad once again confirmed how relevant the topic of the psychology of money is for everyday life, as well as how important it is to create space for conversations about the way we think about money and make financial decisions.

For years, Erste Bank Serbia has been actively contributing to improving financial literacy through its financial education program #ErsteZnali, launched in 2018 to bring personal finance topics closer to citizens and help them make more informed financial decisions. Additionally, through partnerships with civil society organisations and experts from various fields, the Bank continues to support initiatives that foster a better understanding of finances and a more responsible approach to money.