Availability Bias

“When I am not near the girl I love, I love the girl I am near.”

In the African hustle, managing money is more than just counting shillings, naira, or rands—it’s navigating life’s constant curveballs. But let’s face it, sometimes our wallets suffer because our brains pull quick stunts on us. Enter availability bias—the mental shortcut that makes us overrate the importance of what’s easiest to remember. It’s like thinking chapati is the best food because your favorite street vendor makes it fresh daily. Sounds familiar?

Availability bias, a term coined by psychologists Amos Tversky and Daniel Kahneman, is the habit of basing decisions on what’s most recent, vivid, or emotionally charged. For instance, your cousin hit the jackpot with a plot of land that tripled in value. Suddenly, every WhatsApp group is buzzing with “land is gold” memes, and you’re rushing to buy that swampy patch nobody wanted. On the flip side, Uncle Tony lost big in a stock market crash, and now you can’t even hear the word “shares” without breaking into a cold sweat. The problem? Neither of these stories shows the full picture.

Availability bias has a way of making us follow the crowd—or the loudest success story—without thinking long-term. Your friend made a killing on cryptocurrency. Now, you’re ready to sell your boda boda and bet on Bitcoin, forgetting most crypto stories don’t have happy endings. When the stock market dips, you rush to cash out, convinced your investments are cursed, yet patience might have saved the day. You worry about rare disasters, like a total economic collapse, but forget slow burners like inflation quietly eating your savings. Everyone’s hyping NFTs or “the next big thing,” so you dive in without doing your homework. If it sounds like a pyramid scheme, it probably is.

In many African settings, financial decisions aren’t just personal—they’re communal. When Auntie Jane loudly endorses a savings scheme or Cousin Ben shows off his flashy but financed car, the pressure to follow suit is real. And because word spreads like wildfire here, availability bias can go viral faster than a TikTok challenge.

Let’s talk solutions—because staying broke isn’t part of the plan. Before joining the latest “investment club” or betting on that trendy asset, get your facts straight. Find out the risks, not just the sweet success stories. Remember, not every shortcut leads to the finish line. Instead of reacting to the latest financial drama, think long-term. That “bad month” for your business doesn’t mean it’s time to quit—it might just mean planting beans instead of maize this season. Create clear rules for your money moves. For example, decide you’ll only invest in things you understand, or allocate a fixed percentage of your income to savings and investments. It’s like saying, “No, I don’t care how sweet it smells, I’m not buying roasted maize until I finish my budget.”

Set up automatic savings or loan repayments. This way, your financial goals stay on track even when you’re tempted to spend on the latest gadgets or that nyama choma platter. Whether it’s a financial planner or the wise elder in your community, find someone who can offer sound, objective advice. Sometimes, you need a voice of reason to remind you, “My friend, not every gold rush ends with gold.” Before making a big financial move, take a moment. Ask yourself, “Am I deciding based on facts, or am I just caught up in the hype?” That split-second check could save you years of regret.

As the saying goes, “The chicken you see scratching the ground might not be as hungry as the one waiting for the rain.” Don’t be the chicken running after every shiny grain. Instead, focus on building your long-term financial coop. Financial success isn’t about jumping on every hot tip or reacting to the loudest story—it’s about staying the course, making informed decisions, and remembering that slow, steady growth is the key to wealth. So, keep your eyes on the prize and leave the noise for the crowd.

Remember not to just fall in love with the girl you are near because the girl you actually love may be far away.