I was mystified. It was 1994. I’d begun researching my first book, Prince Charming Isn’t Coming, by interviewing women who worked in the financial industry—investment advisors, mortgage brokers, bankers, etc.
After all, I assumed, financial professionals were the perfect candidates to illustrate the book’s theme: how women went from being ignorant to smart about money.
Believe me, I never expected how many would tell me: “I do this for a living, but my own finances are a mess!”
How could that be?? Decades later I discovered the reason. In a word, Self-Efficacy, or rather the lack of it.
Self-efficacy—a psychological concept developed by the Stanford psychologist Albert Bandura—is the belief that I can do whatever I decide to do, trusting I’ll succeed no matter what.
It’s the difference between knowing what to do and actually doing it, between being highly competent and feeling truly confident.