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Home » The Psychology of Taking Risks: Risk vs Reward

The Psychology of Taking Risks: Risk vs Reward

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The Illusion of Control and Familiarity – “I’ve Done This Loads of Times”

The Allure of Immediate Gratification – The “Just This Once, Mate” Mentality

The “It Won’t Happen to Me, Will It?” Mindset (Optimism Bias in Day-to-Day Life)

The Influence of Mental Short Cuts and Biases

  • Exposure Bias: We might be overly cautious about very rare events we’ve seen plastered all over the news (like a shark attack at a beach we hardly ever visit), whilst underestimating the far more common risk of having a tumble on our own cluttered stairs at home.
  • Confirmation Bias: If we’ve gone a bit over the limit and not been caught, we might only remember those instances, reinforcing our belief that it’s a low-risk behaviour and ignoring the times we’ve seen other situations have negative outcomes.
  • Social Norms: Think about this: if you’re with a group of friends who are all deciding to drive home after having had one too many at the pub, you might still feel a powerful pressure to conform and get behind the wheel yourself, even if a voice inside is telling you it’s a reckless and potentially fatal decision.

The Impact of Stress, Distraction, and Impulsivity

What Can We Do to Make Safer Choices?

Becoming aware of these psychological drivers in our day-to-day is the first step towards making safer choices:

  • Challenge the “It’ll Be Alright” Thought.
    • When considering a short cut, have a think if the small convenience is truly worth the potential negative outcome, no matter how unlikely it seems.
  • Weigh Up the Potential Loss, Not Just the Gain.
    • Instead of just thinking about the time saved by speeding, consider the potential cost of a ticket, a shunt, or getting yourself hurt.
  • Be Mindful of Your Mental State
    • When you’re feeling rushed, stressed, or distracted, consciously slow down and focus on the job at hand, especially if it involves any potential risk.
  • Question What Everyone Else is Doing
    • Just because others are doing something a bit dodgy doesn’t make it safe. Have a proper think about the potential consequences for yourself.
  • Have a Quick Think About the Worst That Could Happen.
    • Before taking a short cut, quickly consider what the absolute worst outcome could be. This can often be a proper deterrent.

At TP Safety Services, we recognise that understanding the human element is crucial for building a truly safe environment, whether it’s at work or in our day-to-day routines. If you’re looking to cultivate a greater safety awareness or want to explore how these psychological principles impact risk management in your specific industry, our expert team can provide tailored training and consultancy. Contact TP Safety Services today and let us help you build a safer future, both on and off the clock.


The tendencies we’ve explored – from underestimating familiar risks due to the availability heuristic (Tversky & Kahneman, 1974) and succumbing to optimism bias (Weinstein, 1980), to prioritising immediate time savings due to present bias (Laibson, 1997) over future safety, and being influenced by social norms (Cialdini & Goldstein, 2004) – are well-documented in psychological research. Understanding these fundamental aspects of human cognition is key to fostering greater awareness and promoting safer choices in our fast-paced lives.

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