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Frequently Asked Ques6ons
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Lauren Dixon Associate Editor Workforce magazine
A New Take on Psychology and Money
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Sarah Newcomb Behavioral Economist Morningstar Inc
A New Take on Psychology and Money
A New Take on Psychology and Money
WorkForce April 20, 2016 Sarah C. Newcomb
Behavioral Economist @Finance_Therapy
Agenda
1 Intro
2 Financial Health of US Adults
3 Quiz!
4 Three Rules of Healthy Money
5 Q & A
Intro
Intro
Theory of Planned Behavior, Azjen 1991
Agenda
1 Intro
2 Financial Health of US Adults
3 Quiz!
4 Three Rules of Healthy Money
5 Q & A
Financial Health - Knowledge
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Semper non malesuada quis, interdum auctor arcu. Nulla nec interdum lacus, eu vestibulum magna.
Suspendisse felis turpis, sodales ac consectetur vel, commodo sed neque. Curabitur lobortis tortor non justo semper.
Financial Health - Knowledge
Loremm ipsum dolor sit amet, consectetur adipiscing elit. Aliquam lorem mauris.
Semper non malesuada quis, interdum auctor arcu. Nulla nec interdum lacus, eu vestibulum magna.
Suspendisse felis turpis, sodales ac consectetur vel, commodo sed neque. Curabitur lobortis tortor non justo semper.
Financial Health of US Adults - Needs
70% HR
Professionals
Report that financial challenges have a ‘large’ or ‘some’ impact on employee
performance.
57% Financial Education
Fewer companies offered any form of financial
education in 2014 than previous years.
16% Needs
Assessment
Of the HR programs offering financial education, only 16%
perform any kind of needs assessment.
The Survey of Human Resource Management (2014)
Financial Health of US Adults - Stress
Of US adults are losing sleep over financial stress.
American Psychological Association reports that finances are the #1 source of stress for Americans regardless of the economic climate.
62%
#1
$5K The Federal Reserve Board estimated (2012) that employee financial stress costs companies an average of $5,000 per employee, per year.
Agenda
1 Intro
2 Financial Health of US Adults
3 Quiz!
4 Three Rules of Healthy Money
5 Q & A
Financial Psychology Quiz
5 4 3 2 1
Financial Psychology Quiz
321 4 5
Financial Psychology Quiz
Financial Psychology Quiz
Financial Psychology Quiz
Financial Psychology Scoring
1. Add up your answers to Questions 1-3 • 0-8 = Short-Term Focus • 9-16 = Long-Term Focus
2. Your answer to Question 4 • A or B = Internal Locus of Control • C or D = External Locus of Control
3. Your answer to Question 5 • A = Desire • B = Stability • C = Fear
POLL – Placeholder Slide
Which Quadrant are you in? A: Long-term focus, Internal Locus of control B: Long-term focus, External Locus of control C: Short-term focus, Internal Locus of control D: Short-term focus, Internal locus of control
Financial Personality Matrix
Three Factors of Psychology
Emotional motivations
Mental time
Locus of control
Agenda
1 Intro
2 Financial Health of US Adults
3 Quiz!
4 Three Rules of Money
5 Q & A
“Money is the root of all evil.”
“Money makes the world go ‘round.”
Mental factor: Core beliefs and Values
Three Rules of Healthy Money
Three Rules of Healthy Money
Mental factor: Core beliefs and Values
RULE # 1 Change Your Stories
Three Rules of Healthy Money
Time Line
One Month
One Month
Now One year from now
LINEAR TIME
Rule 2 – Choose your strategies Mental factor: Mental time
MENTAL TIME
Today
1 year from now
1 month
1 month
DISCOUNTING THE FUTURE
Three Rules of Healthy Money
Rule 2 – Choose your strategies Mental factor: Mental time
Three Rules of Healthy Money
Mental factor: Mental Time
RULE # 2 Care About Your Future Self
Three Factors of Psychology
Mental Factor: Locus of Control
Three Rules of Healthy Money
Mental factor: Locus of Control
RULE # 3 Cultivate Your Value
Summary
Psychology Matters
1. Core beliefs & attitudes (social psych)
RULE #1: Change your stories
2. Time perception (cognitive)
RULE #2: Care About Your Future Self 3. Locus of Control (Social psych.)
RULE # 3: Cultivate your value
Thank You www.hellowallet.com
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