The Financial Wellbeing Podcast

Episode 112 – 100 Year Life with Dr Tom Mathar Join us for another insightful episode of The Financial Wellbeing Podcast. We dive deep into the challenges of financial planning in a world where we’re living longer than ever. Dr Tom Mathar from Aegon’s behavioral research department chats with the guys – exploring strategies for balancing today’s financial needs with the demands of a longer future whilst achieving financial wellbeing throughout. As ever TightAssTommo shares some tongue in cheek money saving tips, this time involving Norway and pizza! Welcomes & Introductions Want to read Chris Budd’s Financial Wellbeing books? Take a look hereFancy a chat with Tom Morris and the team at Ovation? Contact details here What’s on Today’s Podcast? Following on from our previous episode on life longevity in Blue Zones, a chat with Dr Tom Mathar of the behavioural research department at Aegon. Aegon are big supporters of the Institute for Financial Wellbeing. Tight Ass Tommo Where to buy alcohol in Norway What to do with pizza leftovers Interview with Dr Tom Mathar Episode 36 – Understanding our Attitude to Risk with Neil Bage We are living longer and facing a withdrawal from the state along with a rise in AI changing the working environment faster than ever. Life planning and financial planning are harder than ever before We are living longer, but not earning longer – the challenge of funding longer lives The trade off between financial security now v financial security in the future Connecting with our future selves – Episode 98 – Your Future Self with Hal Hershfield Long term mental time horizon The trade offs to consider Episode 32 – Getting Out of Debt with Maria Nedeva The differences between financial wellbeing v financial independence Visit the Aegon website for further information Conclusions from the Guys The worry of care home fees (a topic we have covered at Ovation Finance, click here to read The Emotional Journey of Caring for Elderly Parents pt 1) Performance and wellness maximiser Internationally experienced customer and behaviour researcher. Currently leading initiatives of Aegon’s Centre for Behavioural Research where we identify tools, techniques, rules-of-thumb and other interventions that help people make better long-term decisions – considering money and mindset. Connect with Dr Tom on LinkedIn here

Diving into the intriguing secrets of life longevity in global Blue Zones – regions identified by National Geographic journalist Dan Buettner where people have extended lifespans. We’ll discuss the lifestyles and habits that contribute to their extended lifespans and how these insights can enhance our relationship with money for financial wellbeing. Curious about global longevity hotspots or seeking financial wisdom, this episode will inspire positive change! Welcomes & Introductions Haven’t read Chris Budd’s Financial Wellbeing books? Take a look here Want to have a chat with Tom Morris and the team at Ovation? Contact details here Whats on Todays Podcast? Exploring the places in the world where people live the longest – how they live and how it can inform our relationship with money Tight Ass Tommo Featuring shaving your beard in the garden and leaving the hairdressers with more hair than you started with Tip of the week – exploit a family member or friend with excellent DIY skills to just spend on materials cost and a steady supply of tea Blue Zones Dan Buettner, a National Geographic journalist tasked with finding world mysteries found places around the globe where people lived considerably longer than average and asked why. The 5 areas people live the longest Nuoro Province, Sardinia, ItalyIcaria, Aegean Island, GreeceNicoya Peninsula, Costa RicaLoma Linda, California, USAOkinawa Prefecture, Japan The triangle of good old age; Living a long timeWithout disabilityDying quickly Is it the geography? Yes, the hilly features and self propelled mobility mean they exercise through daily movement. The environment in which they live leads to a better outcome when it comes to keeping fit. Factors common to the Blue Zones Moving naturallyDiet, less meat more pulses & beansAlcohol, 1-2 glasses of wine a day with friendsFaith with regular meetingsKeeping close knit as familiesSense of purposeDownshifting each day, slow down and reflect to reduce stressFinding the right tribe, being around others who follow the same lifestyle The Institute for Financial Wellbeing is a like minded community for financial planners The Blue Zone project – applying the principles found in these communities in other cities around the world. By changing the environment where people live to help them succeed through making better choices. Finding purpose – consider the following to help find options for your purpose What do I enjoy?What am I good at?What are my values?Who can I help? The importance of social interactions It’s not about changing habits for a happier life. It’s about creating an environment in which we live so good choices can happen naturally. 5 Tips to create an environment for a better relationship with money Find what gives you purpose and enjoymentAnalyse your spending, find what works for youAutomate savingsMute advertsMute stock market news, your money should work for you, not stress you out! Want to know more? Dan Buettner BooksLive to 100 on Netflix

Episode 110 – The Financial Wellbeing Pulse with Chris Budd Taking a slightly difference approach in this episode, we sit down with Chris Budd to delve into the exciting launch of The Financial Wellbeing Pulse, a groundbreaking tool designed to help individuals measure their relationship with money. Chris shares insights into how the tool was developed, its key features, and the impact it can have on improving financial wellbeing. Whether you’re looking to gain better control over your finances or simply curious about innovative financial tools, tune in to discover how The Financial Wellbeing Pulse can make a difference in your life. The big secret about napping! The Financial Wellbeing Pulse – a way to measure our relationship with money Young Chris Budd, how his Dad’s bankruptcy shaped his relationship with money. The choices Chris made when creating his own financial planning company Ovation Finance Where did Financial Wellbeing come from and what is it? The link with cancer charity Penny Brohn – the aim was to reduce stress with money and led to writing The Financial Wellbeing Book What has happened since writing the book in 2015? What is The Financial Wellbeing Pulse? Link to Episode 89 – Interview with Liz Zeidler on The Financial Wellbeing Podcast How were the Pulse questions created? How to show impact of advice for clients? What problem does The Financial Wellbeing Pulse solve? Currently for the financial planning community, if you are interested, ask your financial planner to sign up Next steps for financial planners – head over to website for further information or to sign-up Ovation will be using the Pulse, if you want to work with them Come and have a chat with Ovation Finance

Episode 109 – Reclaiming Philanthropy with Emma Beeston Join us for a candid discussion around philanthropy with Emma Beeston. We dissect the reclaiming of philanthropy as a social duty, no matter the size of the contribution. Whether your a seasoned giver or just starting the conversation, this episode offers practical advice and a fresh perspective on the power of giving for you wellbeing. Welcomes & Introductions Bear with us and the record delivery interruption! Link to Episode 64 – The Financial Wellbeing Junkie Link to join the IFW Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation Finance What’s on Today’s Podcast? An interview with Emma Beeston exploring philanthropy. It’s a topic many don’t like to talk about, but how can you give to maximise wellbeing? Tight Ass Tommo Episode recorded during Masters Golf – so a timely golf tip from Producer Tommo. Always loosing your golf balls? Try www.lakeballs.com for cheap replacements. Interview with Emma Beeston What do we mean by Philanthropy? The 5 T’s – TreasureTimeTalentTestimonialTies How to structure giving to maximise wellbieng? Different ways of giving? What happens when giving does not align with values? Giving in ways that can cause problems for the charities Focus on one area or spread money around? The charities perspective The head or the heart approach Advisors starting the conversations Conclusion from the Guys Philanthropy as a social duty and an important contribution to society Link to 500 Reasons – making a small amount of money go further with a bigger group Key takeaway; clients probably want to talk about philanthropy, but may not want to be the first to mention it. Reclaiming philanthropy – it’s not about the big boys, it’s relative and something everyone can approach Emma Beeston is a philanthropy advisor who facilitates conversations with philanthropists, families and foundations on creating and implementing giving plans. Emma’s book (with co-author Beth Breeze) Advising Philanthropists: Principles and Practice is available here. Want to work with Emma and bring her into the chat with clients? Take a look at her website for further information and contact details here.

Episode 108 – Mind the Perception Gap The team explore the impact of perception on our finances and wellbeing. From understanding how perceptions shape decisions and how to challenge flawed realties connected to money. As ever some great money saving tips from #tightasstommo and a through provoking exploration that might just reshape your financial perspective. Welcomes & Introductions Is David still a writer?Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation FinanceThe Financial Wellbeing Pulse link What’s on Todays Podcast? The topic of perception and how it relates to our financial wellbeing Tight Ass Tommo Chris’ Mum, Meany Maureen using Mental Accounting to squirrel away jam jars of money for various reasons and how you can do the same digitally. Practical tip from Colin Lowe – use easysim.global for cheap mobile data when travelling 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 Mind the Perception Gap Producer Tammy came across the following and felt it needed a closer look: Truth and perception become fused in the mind leaving no difference between the twoThe 22 Immutable Laws of Marketing What does perception mean? What we think of as reality may not be correct, our perceptions can be flawed. How might they be flawed? Relying on only one source of informationRelying on previous experiences and making assumptionsFocus of our attention – inattentional blindness The perception gap is not always a bad thing Link to Episode 104 – Crack the Happiness Code with Set Point Theory How our perception gap with finances can be changed How a financial planner can help challenge our assumptions Link to Episode 107 – Making Decisions with Nick Elston Behavioural Biases and our perceptions Conclusions from the Guys

Episode 107 – Making Decisions with Nick Elston In this episode we have the pleasure of welcoming back Nick Elston for the third time! The guys delve into the topic of anxiety surrounding big decisions, particularly those related to finances. Nick, drawing from his own lived experiences with anxiety, offers invaluable insights into navigating these challenges. The money saving tips have a slight twist with a dedication to Chris’ expert money saving mum. As ever a conversation you won’t want to miss! Introductions Chris Budd – author of the original Financial Wellbeing Books, you can view all three here Producer Tommo – chartered financial planner at podcast sponsors Ovation Finance What’s on Todays Podcast? The guys chat with regular guest Nick Elston! This time exploring the anxiety we often have when making important decisions. Meany Maureen (This time we have dedicated Tight Ass Tommo to Chris’ Mum and her lifetime of money saving tips) Featuring no spending, making the most of tap water and a tip to spend money in a positive way. Tip of the week – Premier Inn early check in. Perfect for those early big city starts Interview with Nick Elston Making decisions around money The anxiety we may feel CompulsionComparisonChoice Nick’s lived experience Our legacy Exploring fear in decision making How do we get our of the spiral? Dr Emma TrebyAcceptanceResilience Nick handing his house keys back to bank Walking in to decisions, is it your decision? Getting help, the role of a third party Samaritans number – 116 123BACP WebsiteIFW website Conclusions from the Guys What drives our decisions and the part fear and social media plays The role of third party help – Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation A challenge to fellow financial planners – how often do you talk to clients about ensuring their spending is aligned with their values? We have a great back catalogue, if you enjoyed this episode, you might appreciate Episode 55 Overcoming Anxiety with Nick Elston Nick Elston is an award winning mental health speaker and speaking coach. Founder of Forging People helping others overcome anxiety to unleash their voices. Come and connect with Nick Elston on LinkedIn for more information.

Episode 106 – Does More Money Equal More Happiness? The guys dive into the age-old question: Does more money equal more happiness? Join them as they navigate contrasting findings of renowned academics Daniel Kahneman and Matthew Killingsworth. Get ready to challenge conventional wisdom and discover the key question we should all be asking in the pursuit of true financial wellbeing. As ever a thought provoking episode with a light-hearted #tightasstommo money saving tip. Welcomes & Introductions The Financial Wellbeing Book has been updated and re-issued Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation What’s on Todays Podcast? Exploring the age old question, does more money make you more happy? Tight Ass Tommo A recap of the #tightasstommo origin story Featuring a grocery theme with the avoidance of brands, the world food aisle in supermarkets and shopping around. Top tip – Check out Your Prime on Amazon, for exclusive offers Does more money make you more happy? Research by Daniel Kahneman states – after a certain level, more money doesn’t make you more happy. However, research by Matthew Killingsworth says – people with more money did report being more happy. Daniel Kahneman Professor at Princeton University, Nobel laureate and Co-authored “Thinking, Fast And Slow.”Conducted a 2010 study with Angus Deaton titled “Does Money Buy Happiness?” surveying 450,000 individuals. Aimed to offer a definitive answer on money’s relationship with happiness. Identified two wellbeing types: Experienced and evaluated.Low income associates with low wellbeing.Evaluated wellbeing rises with income, peaking at $75,000.Conclusion: High income correlates with life satisfaction, not happiness. Matthew Killingsworth University of Pennsylvania researcher.Conducted a study based on data from over 1 million reports by 34,000 employed US adults.Criticized previous studies for not collecting real-time data on experienced wellbeing.Used smartphones to gather genuinely in-the-moment responses.Results aligned partially with previous studies:Evaluated wellbeing increases with income.Conclusion: experienced wellbeing also rises with income, without limit. Two respected academics, two surveys suggesting the opposite thing. What happens next? Adversarial Collaboration – they focused on the disagreement in their findings Their conclusion They both had wrong assumptions. Turns out some people are always unhappy and some are always happy Link to Episode 104 – Crack the Happiness Code with Set Point Theory Conclusions From the Guys Asking does more money make us more happy is the wrong question. We should be asking what makes us happy first, and then seeing how our approach to money may help us achieve this. 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

Episode 105 – Stress on our Finances with Sonya Lutter In this episode, we sit down with Financial Psychology expert Dr Sonya Lutter. Delving into the root causes of our financial decision-making, from the impact of societal expectations on our spending to the role of inner conflict and psychological stress on our financial choices. With some great exercises you can explore with your partner and yet another brilliant #tightasstommo money saving tip, this is an episode not to miss. Introductions The Financial Wellbeing Podcast has been going for 8 Years Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation What’s on Today’s Podcast? Interview with Financial Psychologist and founder of The Financial Therapy Association in the USA, Sonya Lutter Tight Ass Tommo Avoid the sneaky January price hikes with streaming servicesRing providers to get lower costs (from Episode 95 with Paul Lewis) Interview with Sonya Lutter Bridging the gap between therapy, counselling, coaching and financial planning. What is at the root of our bad money making decisions? We act how others think we should – often in conflict with our own values. Inner conflict and psychological stress In fight or flight mode blood is not pumping through our brain to aid thinking – when stressed we are protecting ourselves in the moment, not thinking long term. The disconnect between what we do, due to how we perceive others think we should act, versus acting on our own personal values. Why it’s hard to be content with what you have Your friends friends have more impact on your happiness than a salary increase. So pay attention to how your friends make you react. Happiness doesn’t just happen, it takes effort How joint bank accounts lead to better relationships – talking about money together Exercise for couples – tell your partner about your earliest money memory Suggestions for financial advisors to help make an impact in their clients lives Conclusions from the guys Get past superficial thoughts and get deeper understanding of your core values Another exercise for couples talk about your values individuallycompare each others values to find common ground and outlierscompare common ground with current spending Dr Sonya Lutter is Director of Financial Health and Wellness Director of Financial Health and Wellness at Texas Tech University School of Financial Planning and founded the ELITE academy to help bridge the gap between financial planning and mental health. Come and connect with Dr Sonya Lutter on LinkedIn for more information.

Episode 104 – Crack the Happiness Code with Set Point Theory All the guys are back in this episode and exploring the Set Point Theory of happiness and its links to financial wellbeing. With the usual #tightasstommo money saving tips with a festive twist and genial waffle we have a lovely episode for you . . . Welcomes & Introductions Want to work with Producer Tommo and a like minded team? Come and have a chat with OvationInterested in reading Chris Budd’s books? They can be purchased here on Amazon. What’s on Todays Podcast? Exploring our relationship with money thorough Set Point Theory We have spoken about this before in Episode 39 – Theories Of Happiness Tight Ass Tommo Featuring charitable donations, secret Santa’s, making gift’s double up and selling your parents vinyl records! David is no longer writing scripts for long running TV series Doctors – leading to exploring the bereavement of loosing a sense of identity, a topic we spoke of in detail with the brilliant interview from Amy Florian in Episode 65 Set Point Theory We reach adult life with a set level of happiness, and whilst we can move around this level we return back to the set level. Agreement of definitions; Wellbeing = long-termHappy / Sad = short-term We get used to the feelings of happy/sad and return back to our set point To get back to our set point we often spend money – as we found out in Episode 64 The Financial Wellbeing Junkie What can we do for that short-term hit and avoid emotional spending? The link to financial planning and working on our relationship with money. Short term spending can prevent long-term happiness. Where does our set level of happiness come from? 50% is inherited10% from our circumstances40% from our intentional activity This 40% is the part we can influence by understanding ourselves – what is a healthy relationship with our finances, so we can do morewhat is a bad relationship with our finances for us so we can work on improving Tips on how to purposefully improving our intentional activity. Conclusions From the Guys 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

Episode 103 – Money Stories with Sarah Newcombe Chris and Producer Tommo are joined by Editor Tammy whilst David is away for just this one episode. They bring an insightful interview with psychologist Sarah Newcombe discussing money stories and the essential questions you need to ask to change the narrative. Join us for a transformative journey along with the usual #tightasstommotips. Welcomes & Introductions No David in this episodeWant to work with Producer Tommo and a like minded team? Come and have a chat with Ovation What’s on todays podcast? An interview with psychologist Sarah Newcombe around recognising our money stories and how we can change the narrative for wellbeing and happiness. Boardgame Fun Feels like the last day of term, time to break out some fun activities! Chris chooses ColditzProducer Tommo chooses ArticulateEditor Tammy chooses Ticket to Ride What boardgame would you play? Let us know on X/Twitter! Tight Ass Tommo Check out the World food isle in your local supermarket, items are often cheaper than own supermarket own brands.Looking for cheap kids meals out – Money Saving Central Interview with Sarah Newcombe Thrive – financial empowerment centre. Empowerment based financial education What does Sarah mean by money stories? Chris and his Dad’s money story Understanding your financial narrative, money beliefs and how they shape us. How can we go about understanding? Narrative psychology Going along just fine, BIG UGLY thing happens . . . what next? Contamination narrativeRedemption narrative Sarah’s money story How can people recognise their own money stories? Considering if money is good? Bad? Then dig deeper into your reasoning. Link to Episode 78 – Interview with Dr Moira Somers Understand what money stories are, understand our money stories that are OK and our money stories that make us unhappy so we can change the narrative. Questions to ask of your money story Embrace the power of the word “Yet” Conclusions from the guys Sarah Newcombe, PhD, is an applied behavioural scientist, turning the findings of academic research into practical planning tools for advisors and the investors they serve. Sarah is the founder of Thrive Financial Empowerment where she helps people build lives they love with recourses they have and wrote the book Loaded exploring money accumulation without compromising your values.