Key Takeaways:
Understanding Panic Buying: The episode unpacks panic buying behavior, analyzing its origins in consumer psychology and communal impacts.
Psychological Profiles in Purchasing: Leveraging Canadian and Australian studies, Ben and Pete outline consumer types from egalitarians to agentic egoists.
The Role of Governments: A thought-provoking discussion on when governmental intervention is necessary to prevent supply shortages further harming communities.
Strategizing Future Purchases: Encouragement towards self-rationing and considering our societal impacts during buying decisions, to prevent exacerbating shortages.
Influence of Financial Stability: The hosts suggest using financial wisdom and proactive planning as tools to secure stability in volatile markets.

Notable Quotes:
"It's either not a problem, in which case it's good that I'm not panic buying, or it's going to be a massive problem and the world’s going to end, in which case panic buying wasn't going to help me." – Pete Burrows
"We don't all come at our purchasing and hoarding decisions from the same basis. We're influenced by a lot of factors." – Pete Burrows
"Is it actual panic buying, though? Or is it someone weighing up a situation?" – Ben McEachen
"The change has got to start somewhere. And I even like the idea of self-rationing." – Ben McEachen
"Don't waste a crisis. Out of this, we've got to lean into electrification, EVs, and future-proof ourselves." – Pete Burrows

Resources:
Research Article: "Panic buying during the pandemic" 4 types of Consumers – Published at Canadian Manufacturing by Canadian researchers.
Research Article: "Panic buying just makes shortages worse. Why do people do it anyway?" – Published at The Conversation by Jacob and Carina, University of the Sunshine Coast.

 

Key Takeaways:
<ul>
<li>Understanding Panic Buying: The episode unpacks panic buying behavior, analyzing its origins in consumer psychology and communal impacts.</li>
<li>Psychological Profiles in Purchasing: Leveraging Canadian and Australian studies, Ben and Pete outline consumer types from egalitarians to agentic egoists.</li>
<li>The Role of Governments: A thought-provoking discussion on when governmental intervention is necessary to prevent supply shortages further harming communities.</li>
<li>Strategizing Future Purchases: Encouragement towards self-rationing and considering our societal impacts during buying decisions, to prevent exacerbating shortages.</li>
<li>Influence of Financial Stability: The hosts suggest using financial wisdom and proactive planning as tools to secure stability in volatile markets.</li>
</ul>
Notable Quotes:
<ol>
<li>"It's either not a problem, in which case it's good that I'm not panic buying, or it's going to be a massive problem and the world&rsquo;s going to end, in which case panic buying wasn't going to help me." &ndash; Pete Burrows</li>
<li>"We don't all come at our purchasing and hoarding decisions from the same basis. We're influenced by a lot of factors." &ndash; Pete Burrows</li>
<li>"Is it actual panic buying, though? Or is it someone weighing up a situation?" &ndash; Ben McEachen</li>
<li>"The change has got to start somewhere. And I even like the idea of self-rationing." &ndash; Ben McEachen</li>
<li>"Don't waste a crisis. Out of this, we've got to lean into electrification, EVs, and future-proof ourselves." &ndash; Pete Burrows</li>
</ol>
Resources:
<ul>
<li>Research Article: "Panic buying during the pandemic" 4 types of Consumers &ndash; Published at <a href="https://www.canadianmanufacturing.com/features/what-drives-people-to-panic-buy-during-times-of-crisis-a-new-study-sheds-light-on-the-psychology-of-consumers/">Canadian Manufacturing</a> by Canadian researchers.</li>
<li>Research Article: "Panic buying just makes shortages worse. Why do people do it anyway?" &ndash; Published at <a href="https://theconversation.com/panic-buying-just-makes-shortages-worse-why-do-people-do-it-anyway-277964">The Conversation</a> by Jacob and Carina, University of the Sunshine Coast.</li>
</ul>
&nbsp;

Money: Faith & Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money?

Welcome to the profit, loss and real balance sheet of wherever money intersects with you.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Money: Faith &amp; Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money? Welcome to the profit, loss and real balance sheet of wherever money intersects with you.
Pete Burrows is an accountant for small business and individuals with <a href="https://www.lrf.com.au/">Lower Russell and Farr</a> in Penrith, Western Sydney, Australia. Ben McEachen hosts <a href="https://hope1032.com.au/programs/hope-mornings/">Hope Mornings on Hope 103.2FM</a> in Sydney, Australia.

Money: Faith & Finance

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Listen to more from our Hope Podcasts collection at <a href="http://www.hopepodcasts.com.au/">hopepodcasts.com.au</a>. And send the team a message via <a href="https://hope1032.com.au/listen/#apps">Hope 103.2’s app</a>, <a href="https://www.facebook.com/Hope103.2">Facebook</a> or <a href="https://www.instagram.com/sydneyshope1032/">Instagram</a>. This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.