“Regardless of income level,” says Dr Moira Somers in the latest TEBI Podcast, “in survey after survey on the causes of mental stress, money tops the list every time, beating relationships, health or job concerns. We tend to stress about money to an extraordinary degree.”
Exploring why we get so stressed about it and, crucially, what we can do about it, is an ambitious challenge in a 25-minute interview, but we nevertheless attempted it.
Moira Somers is a behavioural psychologist, based in Winnipeg in Manitoba. She also advises individuals and organisations about personal finance, and she also works as a consultant to the financial services sector.
In this interview, she explains why so many people put off investing for retirement and making important financial decisions (her academic expertise, appropriately, is in procrastination).
She also discusses how women invest differently to men, why investors need to be more self-compassionate, the value of hiring a financial planner, and what parents could be doing to help their children to develop a healthy relationship with money.
Financial advisers may also be interested in this podcast for our sister blog, Adviser 2.0, in which Dr Somers discusses her book, Advice that Sticks: How to Give Financial Advice that People will Follow: