A New Take on Psychology and Money
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What do you know about your employees' relationship with money? As you strive to help your workforce achieve financial wellness, it is important that you understand their financial attitudes. Where are they coming from? How do they feel about money? Interestingly, there are psychological nuances and dangers with both poverty and wealth that your employees experience every day. And thankfully, there are tangible ways that you can help your employees have healthier financial experiences. Hear from Sarah Newcomb, behavioral economist and author of “Loaded,” in a thought-provoking webinar that reveals a new perspective on psychology and money. The webinar will cover: What leading research tells us about the link between money and psychology. The complex financial and emotional priorities that face your employees. How poverty and wealth set the foundation for our interaction with money. How to help your employees get ahead without leaving their values behind.
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A New Take on Psychology and Money
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- 7. #WFwebinar Lauren Dixon Associate Editor Workforce magazine A New Take on Psychology and Money
- 8. #WFwebinar Sarah Newcomb Behavioral Economist Morningstar Inc A New Take on Psychology and Money
- 9. A New Take on Psychology and Money WorkForce April 20, 2016 Sarah C. Newcomb Behavioral Economist @Finance_Therapy
- 10. Agenda 1 Intro 2 Financial Health of US Adults 3 Quiz! 4 Three Rules of Healthy Money 5 Q & A
- 11. Intro
- 12. Intro Theory of Planned Behavior, Azjen 1991
- 13. Agenda 1 Intro 2 Financial Health of US Adults 3 Quiz! 4 Three Rules of Healthy Money 5 Q & A
- 14. 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.
- 15. 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.
- 16. 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)
- 17. 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.
- 18. Agenda 1 Intro 2 Financial Health of US Adults 3 Quiz! 4 Three Rules of Healthy Money 5 Q & A
- 19. Financial Psychology Quiz 5 4 3 2 1
- 20. Financial Psychology Quiz 321 4 5
- 24. 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
- 25. 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
- 26. Financial Personality Matrix Three Factors of Psychology Emotional motivations Mental time Locus of control
- 27. Agenda 1 Intro 2 Financial Health of US Adults 3 Quiz! 4 Three Rules of Money 5 Q & A
- 28. “Money is the root of all evil.” “Money makes the world go ‘round.” Mental factor: Core beliefs and Values Three Rules of Healthy Money
- 29. Three Rules of Healthy Money Mental factor: Core beliefs and Values RULE # 1 Change Your Stories
- 30. 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
- 31. 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
- 32. Three Rules of Healthy Money Mental factor: Mental Time RULE # 2 Care About Your Future Self
- 33. Three Factors of Psychology Mental Factor: Locus of Control
- 34. Three Rules of Healthy Money Mental factor: Locus of Control RULE # 3 Cultivate Your Value
- 35. 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
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