Why You Spend More Than You Save: Cracking the Psychology Behind Your Wallet

Podcast Transcript

HOST: Welcome to today's podcast, where we're discussing the Undergraduate Certificate in The Psychology of Saving and Budgeting. I'm excited to be joined by Dr. Rachel Lee, an expert in financial psychology and one of the course instructors. Rachel, thanks for being here! GUEST: Thanks for having me! I'm thrilled to share the benefits of this unique program. HOST: So, let's dive right in. What sets this course apart from other personal finance programs? GUEST: That's a great question. Our course focuses on the psychological aspects of money management, which is often overlooked in traditional finance programs. By understanding the psychological drivers behind spending and saving, our students develop a deeper understanding of their own financial behaviors and can create more effective strategies for achieving their goals. HOST: That sounds fascinating. How do you think this knowledge can benefit students in their personal lives? GUEST: Well, by understanding the psychological aspects of money management, our students can develop healthier relationships with money, reduce financial stress, and make more informed financial decisions. This knowledge can also help them navigate complex financial situations, such as investing or planning for retirement. HOST: That's fantastic. What about career opportunities? How can this knowledge benefit students in their professional lives? GUEST: Our students can apply their knowledge in a variety of fields, such as financial planning, counseling, marketing, and even policy-making. By understanding the psychological drivers behind consumer behavior, our students can help organizations develop more effective marketing strategies or create financial products that meet the needs of their customers. HOST: That's really interesting. I can see how this knowledge could be applied in so many different areas. Can you give us an example of a practical application of this knowledge? GUEST: Absolutely. Let's say a student is working as a financial advisor and wants to help a client save for retirement. By understanding the psychological drivers behind the client's spending habits, the student can develop a personalized plan that takes into account the client's values, goals, and motivations. This approach can lead to more effective and sustainable financial planning. HOST: That's a great example. What kind of support can students expect from the course instructors and peers? GUEST: Our course is designed to be highly interactive, with opportunities for students to engage with instructors and peers through online discussions, simulations, and case studies. We also have a network of industry professionals who share their insights and expertise with our students. HOST: That sounds like a really supportive learning environment. Finally, what advice would you give to students who are considering enrolling in this course? GUEST: I would say that this course is perfect for anyone who wants to gain a deeper understanding of personal finance and develop the skills to make a positive impact on their own financial well-being and that of others. It's a unique and rewarding program that can benefit students in many different areas of their lives. HOST: Thanks, Rachel, for sharing your insights with us today. If you're