The Expectations Gap ⚖️
On a recent long haul flight, I looked out of the window to a view that would have been considered otherworldly to every living human just over 120 years ago. The blueish tint of the sky against the backdrop of the hanging clouds and the aircraft’s wing really grounded me in the moment.
It’s incredible how accustomed we’ve become to hurtling through the skies at over 600 mph in an aluminium tube at 35,000 feet above sea level with such stability that even a game of Jenga is child’s play.
That’s before we mention the staff serving us cold drinks and hot meals whilst enjoying the latest movies streamed in high definition so that we can pass the monotonous time before arriving at our destinations.
Journeys that take mere hours today would take weeks and months before the success of commercial air travel in the mid-20th Century made the world a smaller place. It’s really a wonder of human ingenuity that we can travel in so much comfort, safety and speed.
Yet if you were to ask the average person how their flight was, they will undoubtedly begin to list a long series of complaints.
There wasn’t enough legroom, the food wasn’t satisfying, the entertainment selection didn’t quite ease the boredom and don’t even get me started on all the time spent “wasted” at airport security. The list goes on and on.
The reason why most people are not satisfied with air travel is due to the Expectations Gap. This gap refers to the difference between what we expect and what is actually delivered to us. We want our expectations met to a higher standard because we know that others are flying First Class and think surely their experience, on their lie-flat seats, must be much better.
One of my favourite authors, Morgan Housel, put it best:
“Imagine a life where almost everything gets better but you never appreciate it because your expectations rise as fast as your circumstances”
This can be applied to almost all areas of our life, especially when it comes to the topic of wealth. The advent of social media has seen this play out at at societal level. Fed with the glamorous lifestyles of the rich and famous on a daily basis has led to expectations of what we consider a “good” life rising exponentially over the last two decades.
Lifestyle Creep: An improvement in our standard of living as direct result of an increase in our disposable income, causing former luxuries to become new necessities.
We can all relate to Lifestyle Creep in some form and there is nothing wrong with seeking to improve our living conditions when we have successfully navigated up the wealth pyramid.
The danger begins when our expectations rise in lockstep with our wealth continually, where no amount ever feels like it’s enough. This phenomenon can lead to excessive spending, undersaving and becoming financially vulnerable in emergencies.
Buying items and experiences that bring value to our lives is all good and well, but can become a slippery slope if it comes at the expense of our peace of mind, when the things we own end up owning us.
This also places a limit on our happiness as the triggers that bring us joy continually shift up and to the right. Even when we are better off, the allure of getting the faster car and the bigger house hangs over us.
The Bottom Line
All of the this is not to say that we shouldn’t strive to achieve greater financial security and enjoy the fruits of our labour as a result. Having the ability to make sought after purchases or enjoy meaningful experiences with your loved ones can bring fulfilment in its own right.
The humility is in realising that whilst the Expectations Gap will never truly be filled, there are ways we can manage it:
Mindful Consumption: Reflect on your true needs versus wants by identifying clear priorities and values to guide your spending decisions as this will help prevent lifestyle creep. This can also apply to the media we consume that can influence our spending habits so that we don’t feel left behind.
Gratitude: Being grateful for what we already have and contentment with our current circumstances will reduce the tendency to constantly chase after more material possessions. Realise that most material items lose their appeal when you can actually afford them.
Quality Over Quantity: It may be an age-old saying but prioritising quality over quantity in our purchases and experiences can go a long way. Focus on items or activities that truly bring us value and joy, rather than accumulating possessions for the sake of keeping up with societal expectations.
Financial Awareness: Regularly review your spending habits and set financial goals on a monthly, quarterly, annual basis and track your progress towards achieving them.
By self-reflecting on the personal motivations behind our desires for increased wealth and status, we can make more conscious choices aligned with our authentic values.
When we realise that nobody thinks about us as much as we do, because they’re too busy thinking about themselves, our aspirations to show off to others plummets and we can embrace intentional living to break free from the cycle of endless desires.