Episode 92 – Five Tips To Help With Framing Bias
Episode 92 – Five Tips To Help With Framing Bias
The guys are here to explore the concept of Framing Bias. Sharing tips around awareness so we won’t be led, but use Framing Bias to drive actions that lead to wiser decisions for our financial wellbeing. Come and have a listen, with the usual No Shizzle Sherlock and some scraping of the barrel #TightAssTommo tips . . . .
Welcomes & Introductions
Featuring podcast listeners at the PFS conference this month, the next financial wellbeing book and a £10 trip to Paris?
If you have a better book title, do let us know on Twitter @FinWellbeing
No Shizzle Sherlock
Nobody went broke taking a profit
Bernard Baruch
An obvious No Shizzle, but not always easily done.
#TightAssTommo
Listen as the guys really scrape the bottom of the barrel with army uniforms and robo vacuum cleaners!
A top tip from Christiaan Coolen at Ovation Finance for your next holiday – Find a trusted house sitter
Todays Topic – Framing, the bias around how information is presented
Information can be presented in different ways to get different awards
Managing expectations
Producer Tommo’s Wellbeing Champion of the Year Award, helps in getting clients prepared to talk about their finances – the expectations around the conversations you will be having with clients.
Framing influences decisions in ways we don’t always intend
We frame our future around what we can currently afford.
We should start conversations about the future on wellbeing, not money
Money is the engine of wellbeing
Top 5 Tips around Framing Bias –
- Base buying decisions on need, rather that on weather you are getting a bargain
- Keep eye on data being given for past investment fund performance
- Consider if the advice around a product being given is positively framed?
- Clean questioning – asking a question which is not leading, nor does it have your values
- Re-frame in a positive way
If you cringe at what you did – you are moving forward
Link to episode 67 – Exploring Paths to Happiness with Dr Elia Gourgouris
Retirement Framing
Conclusions from the guys
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop
If you would like to get in touch with Ovation, click here to visit the website email enquiries@ovationfinance.co.uk or call on 0117 942 4333
Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?
If so, let us know by going to Twitter @Finwellbeing or email – contact@financialwell-being.co.uk