FinTalking is a podcast where three friends from the financial services industry join forces to look at financial services but through a very different lens.
Episode 10: Bonus: And that’s a wrap on Season One...
The ladies from FinTalking get together for one last time in 2020 with some thank yous in hand and reveal there will be some more FinTalking in 2021.
27 Oct 2020
Episode 9: Financial Infidelity
In this episode we consider the spectrum of financial infidelity, from innocent indiscretions to the darker elements that can stray into another world of financial abuse.
SHOW NOTES
00:27 Financial infidelity (https://en.wikipedia.org/wiki/Financial_infidelity) is the act of spending money, possessing credit cards, holding secret accounts or stashes of money, borrowing money or otherwise incurring debt without the knowledge of one's partner, spouse or significant other.
04:27 It could run away and become something quite meaningful, which almost becomes more like financial abuse (https://moneysmart.gov.au/financial-abuse).
06:45 There is a correlation to domestic violence, which is really scary because if you're in an abusive relationship and you need to exit, you need money.
07:55 99% of domestic violence cases involve financial abuse (https://www.verywellmind.com/financial-abuse-4155224). It's a real problem.
10:00 If possible retain some financial independence, if you have to take time out of the workforce try to stay connected, because then if you need to re-enter, it's potentially easier.
12:08 It's a gender issue as women are more susceptible to the adverse consequences of all of this.
12:55 Sharing key Financial tasks (like doing your taxes together) can be a means of making sure both parties are on the same page when it comes to finances.
13:30 In situations of financial abuse, people don't have access, don't have control, don't even know what their financial situation is.
13:58 There's this book The Diversity Bonus (https://www.amazon.com.au/Diversity-Bonus-Great-Knowledge-Economy/dp/0691191530) and it talks about the benefits from the differences in how a group or a couple think about problem solving.
15:15 Around a third of people (https://www.bustle.com/p/is-financial-infidelity-worse-than-physical-cheating-nearly-a-third-of-americans-think-so-survey-finds-7995032) think that financial infidelities are actually worse than a physical infidelity.
18:00 Financial literacy is low and shining a light on these types of elements of finance is so important for all of our well-being.
6 Oct 2020
Episode 8: Investing and the Vegemite Effect
Have our patriotic ways spilled over to our investment portfolios with Aussie equities representing a disproportionately large component of our investment portfolios?
Do you gravitate to investing in companies you know and like?
Might you suffer from the Vegemite effect, investing perhaps more than you should in local markets?
In this episode, we consider home bias and explore how investing in our beloved Australia might have unintended consequences, encouraging you to try other types of spreads.
SHOW NOTES
00:27 Australians are really patriotic people. As a country, we take great pride in supporting our local communities and we have that affinity for Australian produced products like Vegemite.
01:21 Mark Zuckerberg, CEO of Facebook, wears grey t-shirts (https://careers.workopolis.com/advice/the-reason-mark-zuckerberg-wears-the-same-shirt-every-day/) all the time, it's an efficiency gain because he wants to minimise those more superficial decisions so he can focus on the ones that matter. And this is kind of the same in investing.
02:18 There's a lot of behavioural biases and home bias (https://www.investopedia.com/terms/h/homebias.asp) or familiarity bias (https://capital.com/familiarity-bias-examples-equity-home-and-local-bias) is one to watch out for.
03:00 In an earlier episode - who can you trust? (https://www.fintalking.com/episodes/who-can-you-trust) We raised Enron as an example. Employees not only lost their jobs, but a large amount of their retirement savings had been invested in Enron stock as well (https://www.wsj.com/articles/SB1008712386485424000). This is a reminder familiarity bias can work against you.
05:32 Did you notice that the daily news always has a component on the stock market movements?
06:23 Australian market is highly concentrated. The All Ordinaries (https://en.wikipedia.org/wiki/All_Ordinaries), the top 10 stocks account for roughly 37% of the total index.
08:04 Australia is a small equity market, like 2 or 3% of the size of global market cap.
10:07 An (https://www.aeaweb.org/articles?id=10.1257/jel.37.2.571)older study (https://www.jstor.org/stable/797987?seq=1) that was done in 1999, found Fund Managers suffer from this home bias as well.
12:46 In Australia we have franking credits (https://www.firstlinks.com.au/franking-credits-made-easy) that can incentivise investment in Australia because you're receiving a tax rebate based on the tax that has already been paid by the company on the dividend you receive.
13:28 The fact that there's negative gearing (https://www.finder.com.au/negative-gearing) and also low interest rates has really seen people move to the Australian property market over time.
14:08 If you work as an individual for an Australian company, then your human capital (https://en.wikipedia.org/wiki/Human_capital) is dependent on the Australian economy or that particular company doing well.
17:13 Home Bias is not just an Australian phenomena. It is global. In Japan, approximately 80% of Japanese investors invest into local Japanese companies. Yet Japan has only 9% market cap.
21:10 The power of diversification, a defense against home bias.
22 Sept 2020
Episode 7: Navigating Retirement
Are Australians retiring in poverty? What does it take to live a comfortable retirement? Is the thought of retiring more frightening than the reality?
7 Sept 2020
Episode 6: Kids & Money
Did you know that a gender pay gap exists even with kid’s pocket money? Could early conversations about money improve financial outcomes later in life?
21 Aug 2020
Episode 5: Is Government Debt Harming Our Future?
One of the consequences of the pandemic is the rise in government spending in order to support the economy and keep us from spilling into a deeper recession. The figures splashed across the media headlines is causing alarm with many wondering: Is this the right economic response? How will we ever pay this back? Will the future generations be burdened by these economic decisions?
28 Jul 2020
Episode 4: Investing vs. Speculating
A trend seen both in the US and Australia has been the surge in individual share trading post the market correcting in March. Why are we seeing record levels of new trading accounts open? What are some of the behavioural aspects influencing these outcomes? Do you know the difference between Zoom Technologies and Zoom Video Communications? Which one would you buy?
13 Jul 2020
Episode 3: Addicted to Debt
What can you do to improve your financial wellness and security?
7 Jul 2020
Episode 2: Who can you trust?
Is there a trust deficit in the finance industry? Does corporate culture and conduct matter? Do we want investment to align with our values?
In this episode of FinTalking, Cassandra, Erica and Jemima exam the trust deficit in financial services; why it occurred and ways to rebuild trust.
23 Jun 2020
Episode 1: Financial Literacy - The Hidden Pandemic
Financial literacy pandemic, adverse impacts for women, key financial behaviours, importance of economists.
In our inaugural episode, Cassandra, Erica and Jemima explore whether the root cause of the current global economic crisis can be traced back to a hidden pandemic - financial literacy.
14 May 2020
Episode 0: Welcome to FinTalking!
Are you interested in Money, Trends and Behaviours? Well, we are!
FinTalking is a podcast where three friends from the financial services industry (Casandra Crowe, Erica Hall and Jemima Joseph) join forces to look at financial services but from a very different lens.
There’s no denying that finance cuts through most aspects of work and life. And through FinTalking, we hope to provide an alternative perspective on financial services itself as well as topics that intersect with finance such as financial literacy and networking.
Furthermore, as we collective navigate COVID-19 and the eventual recovery, there's never been a more important time to build community and connection.
Join us for positive conversations on all things money, trends and behaviours.
Happy FinTalking!
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