In my latest podcast episode, I had the privilege of speaking with Thomas Mather, a renowned researcher specializing in financial decision-making tools and techniques. The conversation was a deep exploration of financial well-being, particularly focusing on the challenges faced by women in their 50s when making long-term decisions.
Tom is an internationally experienced researcher who’s currently leading initiatives at Aegon’s Centre for Behavioural Research. Here, his team delves into identifying tools, techniques, rules-of-thumb, and other interventions to facilitate better long-term decisions, with a focus on both money and mindset. He’s also the author of a book on Financial Well-being published in German, serving as a resource for the German-speaking community through www.10bausteine.de.
Much of our discussion centered on women’s difficulties in making long-term financial decisions. Thomas explained that women often struggle to be ‘future-oriented,’ largely due to societal expectations and pressures. The conversation also touched on the idea that women, particularly in their 50s, face societal pressures to maintain their physical appearance, which can divert resources from long-term financial planning.
Thomas also introduced the concept of ‘human-centric’ financial advice. He explained that this approach goes beyond the numbers and considers the deeper motives and values people hold regarding financial decisions. The conversation explored how being human-centric involves understanding one’s values, deeper motives, and the various emotions that come into play when dealing with money.
Furthermore, the conversation delved into the intricate relationship between happiness and financial decisions. Thomas argued that understanding what brings you happiness on a daily basis can greatly influence your financial decisions and overall well-being. This perspective challenges traditional financial advice, which often focuses on maximizing wealth rather than well-being.
This conversation with Thomas Mather is a must-listen for anyone interested in personal finance, particularly women navigating their financial futures. It offers fresh perspectives on financial well-being and valuable insights into making long-term financial decisions that align with your happiness and overall well-being.