Why We Buy What We Can't Afford: The Hidden Forces Shaping Your Financial Decisions

Podcast Transcript

HOST: Welcome to our podcast today, where we're discussing the exciting world of behavioral economics in finance. I'm your host, and joining me is Dr. Rachel Lee, an expert in behavioral economics and one of the instructors for our Certificate in Influencing Financial Behavior through Behavioral Economics. Rachel, thanks for being here today. GUEST: Thank you for having me. I'm excited to share the benefits of this course with your listeners. HOST: So, let's dive right in. What makes this course so unique, and how can it benefit professionals in the finance industry? GUEST: That's a great question. Our course combines insights from psychology and economics to equip professionals with the knowledge and skills to drive positive change in financial decision-making. By understanding how people think and behave, we can design and implement effective financial interventions that 'nudge' individuals towards better financial habits. HOST: That's fascinating. And what kind of career opportunities can our listeners expect after completing this course? GUEST: Upon completion, our students can expect to open doors to exciting career opportunities in finance, government, and non-profit sectors. They'll be able to create data-driven financial solutions, develop targeted marketing campaigns, and advise organizations on behavioral finance strategies. We've had students go on to work in top financial institutions, government agencies, and even start their own consulting firms. HOST: That sounds incredibly rewarding. Can you give us some examples of practical applications of behavioral economics in finance? GUEST: Absolutely. One example is the use of 'nudges' to encourage people to save more for retirement. By making retirement savings plans the default option, rather than an opt-in, we can increase participation rates and help people build a more secure financial future. Another example is using behavioral insights to design more effective financial literacy programs that actually change people's behavior. HOST: Those are great examples. And what about the course format? How will our listeners learn and engage with the material? GUEST: Our course is designed to be interactive and engaging. We use a combination of lectures, case studies, and group discussions to help students apply the concepts to real-world scenarios. We also have a community of forward-thinking professionals who share their experiences and insights, creating a rich learning environment. HOST: That sounds like a fantastic way to learn. And finally, what advice would you give to our listeners who are considering taking this course? GUEST: I would say that if you're passionate about using behavioral economics to drive positive change in financial decision-making, then this course is for you. Don't be afraid to challenge your assumptions and think creatively about how to apply behavioral insights to real-world problems. And most importantly, be prepared to join a community of like-minded professionals who are shaping the future of financial decision-making. HOST: Thank you, Rachel, for sharing your expertise and enthusiasm with us today. If our listeners want to learn more about the course, where can they go? GUEST: They can visit our