Age, gender, family background and culture: podcast series lifts the lid on how psychology affects our finances.
Responding to research published today by Oxford Risk showing how ‘noise’ can affect the consistency of advice given by financial advisers and ahead of the broadcast of the fifth Mind and Money podcast tomorrow, on the great gender and investing debate;
Becky O’Connor, Head of Pensions and Savings, interactive investor, said: “We are all slaves to our psychology one way or another – even financial advisers, according to research from Oxford Risk.
“When making financial decisions, it can be hard to separate out the constant bombardment of external influences, past and present, from a clear understanding of the best course of action.
These influences can be anything from what we were told we were good at at school and what we learned from our parents, to what we read in the news that morning or the way we slept the night before.
“Our minds influence our approach to our finances every day, by omission as well as through what we actually do. Developing self-awareness about how your circumstances might be affecting your thoughts on certain key decisions can play a major part in mastering life’s biggest financial challenges, from buying a first home to building a decent pension pot.”
Interactive investor launched the ‘Mind and Money’ podcast series earlier this year, in partnership with Oxford Risk, to help investors better understand how their individual psychology could be affecting their investment choices.
The fifth episode of Mind and Money, exploring differences in approach to investing based on gender, is out tomorrow, Wednesday 26 May.
The podcast covers:
- Are there really fundamental differences between men and women when it comes to money?
- Where does ‘financial personality’ come from? Nature vs nurture
- How the boxes we’re put in as children shape our destiny as adults
- Social expectations towards men and women in relationships with regard to finances
- How can we frame investment to better appeal to women?
- The lack of female role models in investing
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