By Sarah Fenton WASHINGTON (Reuters) – People are so distracted by digital content, we overlook the fact that the biggest financial loss can be caused by the mistakes of a few, a new study found.
That’s the conclusion of a new paper by the Federal Reserve Bank of New York that argues for a more focused focus on people and small businesses in making the most of the digital revolution.
It’s a message that will likely be echoed at the annual conference of the International Monetary Fund in Chicago on Friday, where economists and policymakers will try to figure out how to make the digital economy more efficient and to manage the growing gap between rich and poor.
The Fed study, published on Monday in the Federal Register, found that the financial crisis, which hurt millions of Americans, also had a devastating effect on the financial systems of smaller businesses.
That means that the failure of a small business, or the failure to invest in it, can have a devastating impact on the broader economy, the authors wrote.
It was especially true for small business owners with lower-income employees, they said.
They concluded that people should pay attention to how they spend their time, their money, their time on the internet, and how they interact with others, and that they should pay less attention to the costs and benefits of the Internet.
The study was a response to a survey by the National Center for Complementary and Alternative Medicine, a non-profit research group that advocates for a healthy digital world.
It surveyed 5,500 people and found that people were more likely to use mobile devices to access information than to read it.
That makes sense, said Sarah Filipp, a professor at the New York University School of Law.
The biggest financial losses, the study found, were caused by mistakes by people who weren’t well-versed in the economics of investing and investment strategies, or were uneducated about how much money was at stake.
Those mistakes, the researchers found, often were inadvertent or deliberate, or they were not taken seriously.
“These are mistakes that happen in our lives and in our interactions with people, and it’s hard to see them as a problem,” Filipp said.
The paper also noted that the cost of mismanagement was often more expensive than the money lost.
And the authors found that some people who make mistakes can make them more profitable.
People can be better at understanding the risks they’re taking and taking appropriate steps to avoid them, the report said.
“People should be more conscious of the costs of their actions, and of the consequences they can cause,” said Daniel F. Pomerantz, a senior fellow at the Federal Policy Center and the author of the study.
The new paper, which is not expected to be released in full, draws on a study by Harvard’s Kennedy School of Government that found that most Americans spend less time on social media and more time on other forms of media, such as watching movies, reading, and listening to music.
Filipp said that the Federal Government should do more to encourage people to learn from the mistakes that others have made, and make it easier for people to avoid making them.
People, she said, should have the opportunity to have the conversations they want to have about investing, investing strategies, investing decisions, and other topics, she added.
“If we can help people make informed investment decisions, they’ll have a better understanding of the risks involved, the benefits of investing, and the costs,” she said.