Episode 90 – Why Are We So Rubbish With Money?
Episode 90 – Why Are We So Rubbish With Money?
The guys explore why our brains are just not wired to deal with our finances. So . . . what can we do about this? Have no fear, they also have some helpful tips alongside numerous #tightasstommo money saving tips! How many do you already use?
Welcomes & Introductions
Featuring tech issues, Ovation Finance and the real talent behind this podcast: Tammy Devonald
No Shizzle Sherlock
What is comfortable is rarely profitable
Robert Arnott
Everybody has different risk levels – for more information, check out Episode 36 – Understanding Our Attitude to Risk with Neil Bage
#TightAssTommo
- Featuring – going out to save money and roll on deodorant samples!
- Chris Budd shares 5 top tips – do you already use any of these? Let us know on Twitter – @finwellbeing
- Thank you to Rich Ellis for the top tip – click on this link to find out more about the Split Wise App
Todays Topic – Why are we rubbish with money?
Ovation clients are a lot less rubbish – come and find out why over on the Ovation website
Putting what we talk about in this podcast into practice
New Financial Wellbeing theory – our brains are not wired to deal with money
Quick recap – self-determination theory:
- Ep 38 – Keeping It Fuzzy with Greg Davies
- Ep 77 – Self-Determination Theory
- Ep 83 – Social Comparison with Neil Bage
Recent history:
- The lack of financial education in the UK
- Thatcher & changes to our finances, we became responsible for our own finances
- 1991 Robert Maxwell incident led to further protections with unintended consequences
We don’t have competence because it has only been in the last couple of decades we have needed to manage our own pensions
Autonomy:
Lack of education
Society > we are steered towards thinking we never have enough money
Relatedness:
Difficult to think of our future selves
We are not wires to think this way
We are not motivated to do things for our future selves
Financial wellbeing = financial options for your future self
Conclusions from the guys
So . . . is there anything I can do about this?
Education – listen to this podcast, and others such as Pete Matthews
Word of warning, financial education can often be leading you to buy something, so be careful
Engage a financial planner who looks at cashflow planning. Someone who will manage money now and in your future. An adviser who is not just advising you on your money.
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