By Shanti Gallivan Today, the list of advantages that the upper class has is extensive and continues to grow. With the disposable income that allows for one to follow their passion without fear of losing it all and having a little extra to invest in the Stockmarket, the upper class seems to have all the right cards to play. With all these advantages, there still seems to be a level playing field in the realm of personality––you just can't buy it. However, new research suggests the wealthy aren't only able to succeed with money but confidence! In a recent study published by the New York Times, several experiments were done to look at the connection, if at all, of confidence and social class. The study concluded that people who came from a higher social class were more likely to have an inflated sense of their skills––even when tests proved they were average. This study also suggests that this sense of overconfidence allows wealthier individuals to convince people they are qualified for tasks that they have little experience in. The study was broken up into three mini studies that looked at different parts of these two hypotheses. Study 1 - Is confidence and wealth connected? The first study's participates featured small-business owners from Mexico. The researchers obtained information from a small business loan agency, Global EFL, on 150,949 small-business owners from Mexico that applied for loans ranging from 429 to 107,294 US dollars. When the business owners were applying for loans they had to complete a short psychometric assessment which tested their cognitive abilities. The assessment consisted of a flashcard game and once the participants finished they had to rank how well they thought they did. Their results were calculated and how much they over-placed themselves was also recorded. The researchers then compared the over-placement records with the participants' social classes. After which, they concluded that those with more education, higher income, and a higher subjective sense of standing in society were more likely to think that they did better on the flashcard game––even if their results were average. This study allowed researchers to find and establish the correlation between overconfidence and wealth. Study 2 - Is there a connection in the United States too? The second study that was done in this experiment was a three part online survey testing the same idea (the strong connection between wealth and overconfidence). In this study, the participants were informed from a MTurk ad and asked to complete three surveys that included tasks and a self-assessment of ones ability of those tasks. This study involved 500 participants and replicated the results of Study 1 while also shedding further light on the statement that "Individuals with relatively high (compared to low) social class tend to be more overconfident because they have a stronger desire to achieve high social rank." By finding that those with a higher social class were likely to be more confident, even if there ability was not special, researchers were able to include US participants in their hypotheses while verifying results found in Study 1. Study 3 - Why is overconfidence beneficial? The final study featured a mock job interview in a laboratory of a college campus featuring college students. The study was to test the last piece of the hypothesis––if overconfidence in higher-class individuals would provide a path to social advantages. The researchers asked the students to come prepared for an interview and to act as if they were highly interested in the job. Those who were doing the interview were also not aware of the specifics in the experiment which made the experiment "double blinded" to decrease sources of error. The interviewers were asked to record their opinions on each university student interviewed. These opinions were later compared to the economic and social status of the student. The researchers found that compared with their lower-class counterparts, higher-class individuals were more overconfident and found to be more competent. This study is important because these findings caused researchers to infer that overconfidence is another way in which those who are born in the upper class are likely to remain in the upper class. This trend is seen in the extreme wealth inequality of the United States. Researchers also believe that the majority of individuals who work at elite and prestigious firms tend to come from elite educational institutions. And finally, high earning entrepreneurs disproportionately come from a highly educated and "well-to-do" families. This study may seem as though it is just adding to the advantages of coming from a wealthy family, however, it relates to the everyday people on multiple levels. First, this study shows the importance of confidence, but also shows how actual experience is more valuable than apparent confidence. This study also shows that the American Dream of climbing up the "social ladder" still has many limitations (even confidence is one) that we must try to overcome for future generations. To me, this study made me realize the importance of your own personality for new opportunities. To view article click here References (in APA): Murphy, H. (2019, May 20). Why High-Class People Get Away With Incompetence. Retrieved from https://www.nytimes.com/2019/05/20/science/social-class-confidence.html?rref=collection/timestopic/Psychology and Psychologists&action=click&contentCollection=health®ion=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=collection Images: Inequality scale image Confidence graph image
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