414) The Psychology of Money: Wealth, Greed, and Happiness

Banking on Digital Growth

Despite having access to financial education, the mass majority of people still experience financial stress and anxiety, while struggling with the emotional and behavioral aspects of money management.

This financial insecurity is exacerbated by comparison culture and the constant move of goalposts, leading to a sense of inadequacy and perpetual dissatisfaction. Even high-achieving individuals fall into the trap of not recognizing their progress and feeling stuck. Misconceptions about financial success being solely related to income level further complicate the issue, fostering a sense of hopelessness among those with modest earnings.

In this episode of the Behind the Cover series, Audrey Cannata joins James Robert Lay to dive into the Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel. They discuss shifting focus from pure financial literacy to integrating emotional and behavioral insights into financial coaching. By addressing underlying beliefs and behaviors, financial brands can better support their account holders, encouraging small, sustainable steps towards financial confidence and long-term wellbeing.

Join us as we discuss:
-Behavioral Aspects of Money (05:24)

-Comparison Culture and Social Media (13:19)

-Setting and Achieving Financial Goals (16:19)

You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

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