Consider the abundant literature on our cognitive biases. Something that is presented as
“95% fat-free” sounds healthier than “5% fat”, for instance – a phenomenon known as the framing bias. It is now clear that a high IQ does little to help you avoid this kind of flaw, meaning that even the smartest people can be swayed by misleading messages.
[personally I think that people need to be trained to see these cognitive biases and they aren't]
People with high IQs are also just as susceptible to the confirmation bias – our tendency to only consider the information that supports our pre-existing opinions, while ignoring facts that might contradict our views. That’s a serious issue when we start talking about things like politics.
[one of our biggest problems today with the advent of 24X7X365 news, again, I think that training and focus would change this]
Nor can a high IQ protect you from the sunk cost bias – the tendency to throw more resources into a failing project, even if it would be better to cut your losses – a serious issue in any business. (This was, famously, the bias that led the British and French governments to continue funding Concorde planes, despite increasing evidence that it would be a commercial disaster.)
[Most people aren't even aware of "sunk cost bias" but deal with it every day in both their personal and professional lives, we need to make children aware of this at a much younger age]
Highly intelligent people are also not much better at tests of “temporal discounting”, which require you to forgo short-term gains for greater long-term benefits. That’s essential, if you want to ensure your comfort for the future.
Besides a resistance to these kinds of biases, there are also more general critical thinking skills – such as the capacity to challenge your assumptions, identify missing information, and look for alternative explanations for events before drawing conclusions. These are crucial to good thinking, but they
do not correlate very strongly with IQ, and do not necessarily come with higher education. One
study in the USA found almost no improvement in critical thinking throughout many people’s degrees.