saving habits

Money can feel like a taboo topic in a lot of households, but talking about it regularly can take the awkwardness out of it.

Kids see and do everything that we do, and that's true when it comes to money, says financial expert Jen Hemphill.

In this episode, Hemphill shares her top tips for financial literacy for kids and families, including how to start those conversations and creating a healthy money mindset for everyone.

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“Money is incredible, but some of the things that make it incredible make it difficult to use.”

— Dan Ariely

Today I’m excited to welcome Dan Ariely to The Psychology Podcast. Dan is a professor of psychology and behavioral economics at Duke University and a founding member of the Center for Advanced Hindsight. Through his research and his (often unorthodox) experiments, he questions the forces that influence human behavior and the irrational ways in which we often all behave. He is author of the bestsellers Predictably Irrational, The Upside of Irrationality, and several others, and his latest book is Dollars and Sense: How We Misthink Money and How to Spend Smarter.

In our conversation we cover:

• Why he decided to dedicate a whole book to money
• How the “pain of paying” affects how much we spend
• Why we tend to undervalue saving
• How fairness impacts our perception of value
• Why bad spending becomes a habit

In this episode you’ll learn how to think about money and spend it in smarter ways. It was great getting to chat with Dan, and interesting to see the overlap between his research in Behavioral Economics and the research coming out of Positive Psychology. Enjoy!

Links:

Dollars and Sense: How We Misthink Money and How to Spend Smarter

https://www.amazon.com/Dollars-Sense-Misthink-Money-Smarter/dp/006265120X [Book]

Follow Dan on Twitter

https://twitter.com/danariely

For more resources and information on Dan and his research

http://danariely.com/

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Could you train your brain to get richer?

Behavioural economics tells us that we regularly behave irrationally – and nudge theory has been used by governments and organisations around the world to try to make us better people.

But could you take matters into your own hands, tackle your own temptations and make yourself wealthier, or just happier?

On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost look at some tricks you can deploy – and whether you can actually turn that old chestnut about not spending money on coffee into hard cash in your bank account, pension or Isa.

Also on this week’s show, we discuss why Britain is bottom of the world pension league and whether that is actually as bad as it seems.

Plus, we look at why NS&I’s new income bonds are proving such a hit with readers.

And finally, just in case all that brain training doesn’t go as planned, Simon outlines how you can prepare an investing plan B for when the market inevitably crashes one day.

Enjoy.