The Wealthy Barber Podcast #33 — John Y. Campbell: Why the Financial System is Broken and How to Fix It
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Nov 25, 2025 
Join Harvard economist John Y. Campbell, author of "Fixed," as he unveils the flaws in the financial system that leave consumers at a disadvantage. He argues that excessive complexity and poor incentives hinder effective personal finance management. Campbell proposes innovative solutions like mandatory universal retirement accounts and simpler financial products. He critiques active mutual funds, explores the dangers of impulse spending and gamblification, and champions design-focused regulation to protect everyday investors. A must-listen for anyone navigating the financial landscape!
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Industry Designs For Confusion
- The financial industry supplies products people think they want rather than what they need because consumer confusion skews competition.
- This creates hidden costs, complexity, and transfers wealth from less sophisticated to more sophisticated consumers.
Education Alone Won't Fix It
- Don’t rely on financial education alone because product complexity keeps outpacing it.
- Push for stronger policy interventions rather than assuming nudges will solve long-term outcomes.
Mandate A Universal Retirement Account
- Establish simple, universal retirement accounts people must open at first employment to reduce fragmentation.
- Make accounts portable so workers keep one lifetime account as they change jobs.
