Can training your brain make you richer?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 8 December 2017
⏱️ 36 minutes
🧾️ Download transcript
Summary
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.
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast in partnership with NS&I, your weekly roundup of the top personal finance, consumer and business stories that editor Simon Lambert and his team have been covering on their reward-winning website. I'm your host, Georgie Frost, and alongside Simon I today is Consumer Affairs Editor Lee Boyce. And in today's show, it's all in the mind. We look at what money worries |
| 0:22.7 | are keeping us up at night and why it's not you, but evolution to blame for your poor |
| 0:28.4 | financial decision making. But thankfully, the team have some useful tips to help you beat your |
| 0:33.2 | own brain. Also today, how Britain has sunk to the bottom of a global retirement league table, |
| 0:39.0 | NS&I launches not one but four new savings accounts with one and near market-leading 2.2% rate, |
| 0:46.3 | but there's a catch. And as stock markets continue to sort of record highs this year, |
| 0:51.4 | Simon urges us to have an investing plan B. |
| 0:54.6 | All that and plenty more coming up and don't forget you can stay up to date with all the latest breaking money news. |
| 0:58.9 | Just go to this ismoney.combe.uk or download the app. |
| 1:03.8 | This is money. |
| 1:05.1 | Brought to you in partnership with NS&I premium bonds. |
| 1:09.2 | Making saving that little bit more exciting. |
| 1:12.2 | So spending too much, not saving enough for retirement, procrastinating, making stupid choices with your money. |
| 1:18.8 | Sound familiar? Well, it's not you, sort of. It's your brain. According to experts, we're wired to pay off the wrong debts and sell shares at the worst |
| 1:28.2 | time because our instincts just aren't designed to handle complex financial decisions. |
| 1:33.4 | Brilliant, as it's not like we have many to make. |
| 1:37.2 | What makes it worse though is companies are well versed in how to take advantage of our human foibles, |
| 1:42.4 | so it's time to take back control and to beat those |
| 1:45.2 | mind tricks that are leaving us poorer because apparently it is possible. A very warm welcome |
| 1:51.6 | to you both. So what is this research all about, Lee? Actually, I'll start with a quote here |
| 1:57.0 | from a reader in behavioural economics who's quoting the story, said to University College London, says, |
| 2:01.9 | we are making decisions all day, every day, |
... |
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