Episode 58 – Interview with Anthony ‘Tas’ Tasgal
David and his co-conspirators Chris and Producer Tommo have a chat with author and strategist Anthony ‘Tas’ Tasgal about our behaviours and how we make decisions. Tas looks at changes that can be made for better money decisions with some fun exercises. Be sure to play along! We don’t think the way we think we do, but I am sure we can all agree the highlight of the Financial Wellbeing podcast is the brilliant #tightasstommo, so be sure to listen to yet more tongue in cheek money saving tips.
Welcomes and introductions
More information about IFW – email@example.com
What is this podcast all about –
- An interview with Anthony ‘Tas’ Tasgal, exploring bad behaviours we don’t notice
Tight Ass Tommo, featuring –
- Transparent piggy banks from Alexandre Riley
- Dubious Air B&B tips from Della Husdon and Joseph Gibson!
Tas Tasgal Interview
Sorry for the bad audio, please stick with it
Tas is a trainer, author and strategist. He made his career in marketing along with understanding peoples buying decisions. and knows a lot about behavioural economics and decision making
How did Tas get into finance?
Loss aversion and how we make choices
“we don’t think the way we think we think”Dave Eaglman
We are far more influenced than we think
We are programmed to apply cognitive ease, our brain does not make the best decisions, it makes the most effortless decision
How much actual control do we have when we think we are making choices?
System 1 Process –
- The unconscious
- The emotional
- Where we store shortcuts in the brain.
- We have very little connection or understanding of this process
System 2 Process –
- The conscious
- The rational
- The slow and future thinking takes place here.
- We think this is where we make our choices
A lot of decisions we think we make at a rational and logical system 2 level are actually system 1 in action
The bat and ball excersise – system 1 in action. Leads to poor and inaccurate decisions.
Know when we are being led by system 1, how to target system 1 and occasions when system 1 is a problem
How Axa make changes with ‘Save More Tomorrow’ campaign, resetting the default and tackling loss aversion
Anchoring excersise – be careful of numbers given to us, or brain will latch onto them
Advertising suspicions and how we can use behavioural economics to help wellbeing
Warning people about the nefarious tricks of advertising
Chris has never meta 20 year old where pensions are the most important thing in their life, nor has he met a 70 year old where a pension isn’t the most important thing in their life.
Talk to people who are already in the financial position you want to be in. We need to break out of our current self and imagine our future self.
Conclusions from the guys
System 1 and system 2 extra reading – Thinking Fast and Slow by Daniel Kahneman
An interesting insight into advertising to help us deflect it when needed
Shameless plug from Tom – financial planning can help you with good behaviours and being controlled with finances
Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?
If so, let us know by going to Twitter @Finwellbeing or email – firstname.lastname@example.org
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Book Giveaway T&Cs
Win 1 of 5 FREE copies of “The Inspiratorium” from @TaswellHill To enter, follow and give us a RT on Twitter!
- 5 Retweets will be picked at random to win a copy of “ The Inspiratorium ” by Anthony Tasgal
- Winners will be asked to supply a postal address, details will only used to post prize
- Competition closes midnight 22/02/2020