Having control (even the perception of it) is a funny thing. It makes us believe that we can influence events that are actually beyond our capacity. It’s quite similar to a placebo drug that gives you a sense of confidence over the outcome that, in reality, is outside your influence.  

Anything that increases the perceived confidence on influencing outcomes of an event can make a person quite ‘attached’ to it. We experience this attachment in our everyday lives and keep such superstitions close to us. In the past, we have seen people wearing their favorite t-shirts to cheer for their football teams or the cautious ones who do not count money while gambling.

But, wealth has pushed superstitions to a whole new level. It’s just not any t-shirt but the limited edition of the same, that often makes us believe that in addition to the ‘luck’ brought about by that piece of cloth, it’s our power (to own one) that influences the event and makes our favorite team win that nail-biting match.

Consider this –

Millionaires, the powerful people – Money is a big driver that makes us feel powerful. But, you can’t really carry your money and announce your powerful status all the time. You do have an option though and it comes in form of luxury. If you view luxury products as conspicuous items that signal money and power then you may start viewing luxury as the ultimate source of feeling in control. Driving our favorite cars and carrying those lovely handbags does remind us on how we got there.  

Power and Illusion of Control - Few years back, researchers at Stanford, Kellogg and London Business School got together to explore the relationship between power and sense of control (popularly called ‘the illusion of control’ in research). They found out, CEOs of major Fortune 500 companies often overestimate their ability to turn major decisions into profits.

This leads to financial losses for themselves and their companies. There seems to be a perceived air of invincibility that comes along with power. Essentially, power can literally ‘go to one’s head’ and make people believe that they have more control over various outcomes than they actually do.

Illusion of Control drives Superstitious Behavior – Haven’t you experienced the magical effects of wearing your favorite t-shirt while supporting your team during a match? Certain products (ranging from t-shirts to cold drinks) and acts (example - not moving from your chair or not gambling at the empty table) have always influenced the ways we try hard to influence outcomes that are beyond our control (i.e. our team winning the match or a game of poker).

A recent research highlights that the products perceived as ‘lucky’ (i.e., those associated with positive outcomes) increase the desire for control. But, this only happens when a person has a low prior perceived ability to control outcomes. The researchers state that ‘people who express a preference for these lucky products form an illusion of control over future outcomes, so that they perceive superstitious behavior to be an effective strategy to achieve the desired result.’

Bringing it all together in Singaporean context –

At present, Singapore boasts of one millionaire among every 30 citizens. By 2017, this figure will increase to one millionaire in 20. According to a latest research by WealthInsight Intelligence Centre, ‘the average Singapore multimillionaire is male, 66 years old, married and has 3 children.’ Being dominated by Chinese, Malay and Indian cultures, the country has a rich background of collectivist Asian cultures that are closely related to ideas of ‘Gong Xi Fa Chai’ (wishing wealth and luck) and ‘Deepavali’s Laxmi’ (Indian Goddess for wealth).

In terms of luxurious living, we are far ahead of other countries in Asia. One can only smell the quirky superstitions of wealthy Singaporeans from potpourri of these insights. So, next time, watch out for that gambling addict carrying her favorite handbag to influence the odds at the table or that limited edition t-shirt that’s selling like hot cakes during the soccer season.