Teaching personal finance using money management games

Money management games help people learn better ways to spend and save. Popular money management games include the Stock Market Game and a variety of offerings developed by Cooperative Extension (such as the Allowance Game). Yet, personal finance is often taught not with interactive games and relevant scenarios. Instead, many classes and seminars that teach […]

Financial Marriage and Relationship Class: Talking About Money

Having already covered financial education classes and career workshops, this post addresses how Money Habitudes is used in a marriage or relationship class on finances. The example is drawn from a relationship class about money, done by the Portland Relationship Center in Oregon. (A similar, shorter Money Habitudes-based relationship class happened to be posted online […]

Career workshop and classes on money personality

I just posted that Money Habitudes cards are used all the time in a variety of financial education seminars, job classes and the like. Well, here’s a good example of a career workshop using Money Habitudes. In this case, it’s a career seminar called “Money Habitudes: A Workshop for Identifying How Money Affects Career Decision, […]

Community financial education classes using Money Habitudes cards

This is a common example of how community organizations use Money Habitudes cards in their financial education classes. Although we often hear about such financial education classes, in many cases, they are never posted online and we’re not aware of them. There’s probably someone running a financial capability class every day somewhere using Money Habitudes. […]

Money stress, Financial understanding, Talking about money

The American Psychological Association (APA) just released its report: Stress in America: Our Health At Risk. Of course, the number one cause of stress is money. What’s Causing Stress in America? The APA stress report finds sources of stress are: money stress (75 percent) work stress (70 percent) economic stress (67 percent) stress from relationships […]

Identifying Your Money Personality and Money Type

What is your Money Personality Type There are a number of money personality types and money psychology personality tests that exist. All speak to the psychology of money, recognizing that our spending and saving often has a habits, attitudes, emotions and values component, rather than simply a logical and rational one. Money is an emotional […]

Marriage Counseling, Getting a Divorce: What to do when you fight about money?

Want a divorce? Why couples get divorced? There are a lot of reasons for divorce. However, studies show the most common reason why a husband and wife fight, go to marriage counseling and end a marriage is money. According to PayPal’s third annual “Can’t Buy Me Love” survey, the top reasons why couples fight are: […]

Financial education ice breaker: finding a good conversation starter

Financial education, boring classes and ice breakers Both students and teachers know that it’s often hard to make money and finances interesting. And financial education classes suffer from low turnout or enrollment. Even when participants show up,  they often come away thinking that the material was boring or at least not fun. Of course it’s hard […]

Catholic Marriage and Money: Finances in Marriage Prep, PreCana

Maybe it’s the economy. Maybe it’s a recognition of the role of money in marriage. We see an increasing number of Catholic archdioceses, dioceses and parishes including instruction on finances in their marriage prep or Pre-Cana classes. It’s not surprising. After all, money is the number one cause of arguments among couples (more than chores […]

Financial Therapy: Credit Profile of Low-Income Families, Financial Empowerment Model

The latest issue of the Financial Therapy Association’s Journal of Financial Therapy just came out. The association and journal are concerned with the link between personal financial knowledge, attitudes, and behaviors and personal and family well-being. The assimilation speaks to the: financial planner, financial educator, therapist, financial manager, financial therapist, money coach, etc. Two new articles of note: THE FINANCIAL CREDIT PROFILE OF […]

Cash Tracking and Money Psychology

Just heard about Tweet What You Spend on the radio. While it’s not what I thought it was originally, it does address a real issue: cash tracking. (Granted, if you’re going to pull out your phone and open Twitter and then type in a note about what you’ve spent, it’s probably just as easy to use […]

The Psychology of Personal Finance

Ramit Sethi uses some of Carl Richards’s simple economics diagrams to illustrate the psychology of investing and why it’s hard to get ahead of the cycle as he looks at Buying High and Selling Low. It’s amazing how powerful “napkin sketches” can be when done by someone who can explain them. Of course, this is part of a larger […]

Gift Giving: Differing Reasons and Expectations

The holiday shopping season recently past, this article in the Vancouver Sun offers some insight into the beast that is gift giving. We all have different philosophies on giving gifts. Some may not give at all. Some may give lavishly. Some may give to gain influence or so they will be accepted by others (what […]

Can money make you happy?

This is a topic that seems to get revisited every year around Black Friday and the holiday shopping season: Can money buy happiness? This recent iteration from The Oklahoman has Bill Sones and Rich Sones writing that: While it’s true the wealthy are happier than the poor and wealthy countries are happier than poor ones, […]

CFSI’s Underbanked Solutions Exchange: Innovation & Consumer Insights

The Center for Financial Services Innovation (CFSI) is really well respected in the field of unbanked and underbanked financial services. An interesting quote in advance of the meeting that highlights the role of habits and attitudes in relation to serving underserved financial populations: “During the Underbanked Experience, Exchange participants will put themselves in the shoes […]

9 Money Questions Before Marriage

In her “Top 9 Money Questions to Ask Your Partner Before You Get Married,” Maria Lin (@marialinnyc) says: “Before marriage, all kinds of lovely conversations ensue: How many kids? What should we name them, Jayden or Hayden or Payden? Where should we live, Paris or Wyoming or Sao Paolo? Beach house or woodsy cottage? Dog […]

Bank On It: Thrifty Couples Are The Happiest

Findings from Bank On It: Thrifty  Couples Are The  Happiest: Newlywed couples who take on substantial consumer debt become less happy in their marriages over time. By contrast, newlywed couples who paid off any consumer debt they brought into their marriage or acquired early in their marriage had lower declines in their marital quality over […]

Can’t Buy Me Love: Materialistic Couples Have More Money, Problems

From the Journal of Couple & Relationship Therapy … Scholars at Brigham Young University studied 1,734 married couples across the United States. Each couple completed a relationship evaluation, part of which asked how much they value “having money and lots of things.” The researchers’ statistical analysis showed that couples who say money is not important […]

5 Financial Mistakes That Ruin Your Marriage

In this article, Nancy Anderson, a Forbes contributor, identifies the “5 Financial Mistakes That Ruin Your Marriage” as: Materialism – valuing “things” or money over the relationship. Having conflicting money values. Adopting traditional roles when they don’t fit. Having opposing money styles. (It is not uncommon to see financial opposites attract one another.  Couples often have […]

Trending Topics in Psychotherapy: Money, Politics, & Couples

Dr. Nando Pelusi, contributing editor to Psychology Today magazine and a licensed clinical psychologist with a private practice inNew York City, continues with this November series on what’s trending in therapy. This week: money, politics, and couples. An interesting discussion about how the economy reveals implicit assumptions about money between couples.

Kahneman TED talk

A TED talk with behavioral economist Daniel Kahneman on “Experience vs. memory” On a related note, this recent story, “Behavioral Economics Foils an Obama Tax Cut?” from Bloomberg BusinessWeek mentions an early experiemtn done by Kahneman and Amos Tversky: They presented people with a scenario: As you enter a theater, you realize you have lost […]

Money Attitudes in Basketball

From ESPN.com, Tom Haberstroh’s “The predictably irrational NBA lockout” takes a look at how emotions around money come into play in basketball as seen in the NBA lockout… Ariely interpreted this phenomenon as an example of the endowment effect, an imperfection of the human mind that causes people to believe the things they possess are worth more […]

Money Personality Types: Palmer, Koh

We use six Money Habitude types (in a fun and easy-to-use hands-on card game format) to help people better understand how they relate to money and to better comprehend the role it plays in their lives (and the lives of those around them), but some other systems use different personality typing methodologies. Scott and Bethany […]

Financial Checklist Before Getting Married

Jenna Goudreau (@Jenna_Goudreau) presents a “Financial Checklist Before Getting Married” in Forbes. “Finances have long been a trouble area in marriage,” says Julie Murphy Casserly, author of The Emotion Behind Money, “and the current economic crisis is stretching even more people to the emotional breaking point.” In fact, in a pioneering survey conducted last year, […]

Kahneman’s New Way to Think About Thinking

Writing in “The Anti-Gladwell: Kahneman’s New Way to Think About Thinking” in The Atlantic, Maria Popova (@brainpicker) calls psychologist (and Nobel laureate and founding father of modern behavioral economics) Daniel Kahneman “one of the most influential thinkers of our time … his work has shaped how we think about human error, risk, judgement, decision-making, happiness, […]

Financial literacy programs don’t work?

In a not-subtle article in MarketMatch, Paul B. Farrell, asserts that: Financial-literacy programs are getting popular again. Warning: They don’t work. Maybe for 7% of us. But for the rest of Americans, they are a big waste of your time, and your money. There may be some truth in financial literacy programs aren’t as effective […]

Women’s Wealth Workshop: Your Psychology and Money

This article about a three-part series about financial issues specifically geared toward women (with a focus on how our beliefs impact our decisions) speaks to a number of financial planners and therapists who use Money Habitudes to combine psychology and money in engaging, interactive, low-risk presentations and community workshops for groups. We now see more […]

Divorce, Marriage, Money and Mementos

As if there was any doubt that the intersection of money and relationships is and emotional one, this article lists some sad but somewhat funny anecdotes about money and divorce settlements as related by divorced writers. They reveal which treasured mementos they salvaged from their broken marriages… As if the emotional pain is not enough, […]

Dan Ariely: Money, Making Decisions, and Emotion

Hard to ignore advice from behavioral economist Dan Ariely: When it comes to making decisions, using emotions is likely to be unsuccessful or lead us astray …

Thinking like a Woman: An Edge in Trading?

In a recent post on Forbes, contributor Doug Hirschhorn (@DougHirschhorn), who uses sport psychology to coach elite traders on Wall Street, posits that thinking like a woman may give you an edge in trading. Hirschborn says: I believe women, in many ways, are able to be very successful in occupations that involve the combination of […]

Money: more taboo than sex, religion or political affiliation

Something we hear an awful lot from therapists and couples is echoed in this post for a lecture by Aaron Kipnis, Ph.D., a clinical psychologist in Santa Monica, CA: Money is a subject often more taboo than sex, religion or political affiliation. The myriad money complexes both clients and therapists bring to the consulting room […]

Unbanked, Underbanked, Pew Report and JoinBankOn.org

Some interesting news as of late in the unbanked and underbanked world: Arjan Schutte (@arjanschutte) of Core Innovation Capital and CFSI estimate: people who don’t rely on banks for their financial needs spend $45 billion in fees and interest, alone.  This is for services such as check cashing, remittances, rent-to-own, title lending, prepaid cards, walk-in […]

Money, Marriage and Stress: The View from Ireland

Not really a surprise to see this headline out of Ireland, but interesting to see the global reach of money issues in marriage: Money worries biggest cause of marital distress: Stress: Families feel pressure of rising bills THE majority of struggling relationships are under pressure due to financial concerns, new research has uncovered. Counselling service […]

Kardashian Wedding, Prenups and Talking About Money

After the 72-day marriage ended in divorce, celebrity watchers are speculating about whether Kim Kardashian’s wedding to Kris Humphries, was a made-for TV hoax. Yet the marriage-and-divorce coverage still highlights an issue common to less grandiose weddings: not really knowing your fiancé(e) before getting married and avoiding talking about money before entering into a bond […]

Marriage, Divorce and the Cost of Not Talking About Money

A new article by personal finance expert Erica Sandberg talks about “Six Money Tips For Late-in-Life Divorces.”  Tips for exiting an extended marriage include: Employ a lawyer, judiciously. Create a “Now I’m single” budget. Prepare for merged debt. Plan to spend your settlement carefully. Be house smart. Discuss your finances with trusted loved ones. Not […]

Gallup-Operation HOPE Financial Literacy Index (GOHFLI)

The initial GOHFLI results demonstrate that the hypothesized link between student success outcomes and financial literacy is a strong one and leaders must work to strengthen all the elements of a student’s success: hope, engagement, wellbeing, and financial literacy.   Ten additional questions were added to the Gallup Student Poll in October 2010 that specifically […]

Exhibitors and Free Financial Education Curricula

There were about 40 other exhibitors at the Jump$tart National Educator Conference in DC this weekend. Many were old faces, such as Advantage Publications, which makes the popular financial calculators. A few newer folks included: Moonjar, with a neat habit-inducing product to teach kids to save, spend and share; Lucas Remmerswaal’s 13 Habits that underline […]

High School Tools for Financial Education

A few more thoughts from the third annual Jump$tart National Educator Conference … I sat in on a workshop session about high school financial education tips, which featured a few programs and presenters – and a very full room of teachers. Lekeshia Frasure from FDIC presented the agency’s Money Smart curriculum. A comprehensive program, it […]

Jump$tart National Educator Conference

Just back from exhibiting at the third annual Jump$tart National Educator Conference in Washington, DC. The event was attended by a few hundred teachers from all but six of the United States (Alaska and Hawaii one can understand, but Georgia didn’t make it?). It was sponsored by Experian and Wells Fargo Foundation and offered in […]

Common Money Mistakes Parents Make: Talk to Your Kids

A good recent article (in which Syble is quoted) this month in Delaware Moms magazine says that: The most common mistake parents make with money and their kids is not communicating honestly about finances. This can run the gamut from completely avoiding discussions about money, budgets and financial decision-making, to communicating incompletely about the topic. […]

Money Habits and Attitudes

Money is not a topic we like talking about. Many people say they find it easier to discuss sex. It’s a topic tied up in a lot of emotions. How we relate to money is often tied to other big, hut-button issues like self-esteem, independence, success, love, generosity, stability, etc. In addition to being a […]