Episode 58 – Interview with Anthony ‘Tas’ Tasgal

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

Click here for tickets if you want to see our very own David Lloyd treading the boards in Red Lion at the Bristol Old Vic

More information about IFW – members@ifw.org.uk

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

Reciprocal altruism

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.

New book from Tas – InCitations

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 – contact@financialwell-being.co.uk

If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop


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