In "The Paradox of Choice — Why More Is Less," psychologist Barry Schwartz wrote, "The fact that some choice is good doesn't necessarily mean that more choice is better." The influential book argues that rather than increasing happiness and well-being, an abundance of choice can contribute to feelings of anxiety, depression and wasted time.

"Part of the downside of abundant choice," he explains, "is that each new option adds to the list of trade-offs, and trade-offs have psychological consequences. The necessity of making trade-offs … affects the level of satisfaction we experience from the decisions we ultimately make."

Anyone who has stood in the grocery store aisle, overwhelmed by the sea of colorful packaging, or spent hours scrolling through their Netflix queue looking for the perfect show or movie instead of actually watching something can probably relate.

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Paul Wilson

Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.