WEBVTT - Mind Your Money - How we talk about Money

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<v Speaker 1>Indeed Jessie J's price tag saying it like it is

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<v Speaker 1>and it's a lot of our life is about money,

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<v Speaker 1>isn't it? Money is central to our lives, from managing

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<v Speaker 1>day to day expenses to paying bills and sorting budgets,

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<v Speaker 1>you know, all of us, we do think and talk

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<v Speaker 1>about money regularly. I mean, it's often when we have

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<v Speaker 1>dinner with our friends, we're always complaining about how expensive

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<v Speaker 1>everything is, isn't it?

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<v Speaker 1>Uh, also, uh, the thing is, money is still often

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<v Speaker 1>a very sensitive subject and the way we talk about

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<v Speaker 1>it with people close to us can influence or can

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<v Speaker 1>be influenced by a range of social factors and can

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<v Speaker 1>also impact the financial decisions that we make. So new

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<v Speaker 1>research from financial services provider St. James's Place Asia reveals

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<v Speaker 1>that

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<v Speaker 1>More than a third of social media conversations about money,

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<v Speaker 1>mentioning parents, children and spouses, well, they often contain some

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<v Speaker 1>negative sentiment and the research titled How We Talk About Money,

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<v Speaker 1>analyzed social media conversations and interviewed retail investors and SJP

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<v Speaker 1>Asia partners in both Hong Kong and Singapore.

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<v Speaker 1>And it found that family discussions about money can, yes,

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<v Speaker 1>stir emotions, often negative ones. So let's get more into

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<v Speaker 1>this now with Joel Carpenter, Chief Executive Officer at St.

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<v Speaker 1>James's Place, Singapore. Joel, it's nice to have you on

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<v Speaker 1>the show with us.

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<v Speaker 2>Thank you, Sheryl. It's a pleasure to be here again

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<v Speaker 2>this morning. Yeah,

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<v Speaker 1>so, you know, like your findings show more than 1/3

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<v Speaker 1>of money conversations on social media that mention parents, children

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<v Speaker 1>and spouses contain negative sentiment. Can you, can you tell

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<v Speaker 1>us a bit more about this?

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<v Speaker 2>Yeah, sure, certainly. Look, we, we were really keen to

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<v Speaker 2>understand not just what people are talking about, but, but

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<v Speaker 2>how they do it and who they're talking about it with.

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<v Speaker 2>And what we found is, is that people actually have

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<v Speaker 2>truly honest conversations about money with a really small number

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<v Speaker 2>of people, typically limited to your immediate family. They're much

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<v Speaker 2>more cautious of having conversations about money with friends or or.

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<v Speaker 2>Or more kind of broader family and, and that's really

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<v Speaker 2>because there's a lot of caution about having those honest conversations.

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<v Speaker 2>Trust is so important when we have conversations, and people

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<v Speaker 2>are really cautious of it. And the the question is,

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<v Speaker 2>is why are people so, so cautious of it? Um,

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<v Speaker 2>and a lot of that is about that caution around, uh,

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<v Speaker 2>family dynamics. So people.

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<v Speaker 2>Don't want to, to rock the boat. People are cautious

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<v Speaker 2>of causing friction within those families. Um, we've got that

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<v Speaker 2>younger generation of people now who are starting to be

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<v Speaker 2>quite financially astute, which is brilliant, that people have access

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<v Speaker 2>to all kinds of, of information, and that they have a,

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<v Speaker 2>a growing desire to be more financially independent, but they

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<v Speaker 2>also know that that can, can cause tension within a family.

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<v Speaker 2>We all know that family dynamics can.

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<v Speaker 2>be quite complicated at times. I think my daughter's listening online,

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<v Speaker 2>she'll probably tell you that as well so um but it's,

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<v Speaker 2>it certainly is and it's something that people really struggle

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<v Speaker 2>to get to grips with in terms of how they

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<v Speaker 2>should be approaching those

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<v Speaker 2>conversations.

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<v Speaker 1>And I think, do you think the Asian context adds

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<v Speaker 1>another layer of like cultural nuances to this because you know,

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<v Speaker 1>I think among Asian families, you know, money is really really.

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<v Speaker 1>sensitive, you know, things like salary, things like debt, um,

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<v Speaker 1>it causes a lot of friction and people are just

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<v Speaker 1>worried about, you know, being looking bad in front of

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<v Speaker 1>their loved ones. Do you think that's that's why people

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<v Speaker 1>are more cautious about money, money talks?

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<v Speaker 2>Absolutely. It it's certainly something that people are are cognizant of. Um,

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<v Speaker 2>people want to seem or want to appear like they

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<v Speaker 2>have control of those things, that they have control of

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<v Speaker 2>their their finances. um.

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<v Speaker 2>And also that they're approaching these subjects in a way

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<v Speaker 2>which is respectful to different generations of family too. Um,

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<v Speaker 2>and that can be a really hard thing for, for

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<v Speaker 2>people of different generations to, to navigate. People of different

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<v Speaker 2>generations are exposed to different types of, of media, social media.

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<v Speaker 2>Um, different views on, on, on finances and um it

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<v Speaker 2>can be a really hard thing for those generations to approach,

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<v Speaker 2>both the older generations, how they have those conversations with

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<v Speaker 2>the younger ones around managing finances sensibly, managing things such

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<v Speaker 2>as debt, how would they actually inherit wealth, things like that. Um,

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<v Speaker 2>but also those younger generations want to seem like they.

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<v Speaker 2>have it under control. Um, you know, they, they don't

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<v Speaker 2>want to seem vulnerable in those contexts. So actually that

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<v Speaker 2>can be a really hard thing for those two sets

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<v Speaker 2>of generations to come together and have really robust and

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<v Speaker 2>honest

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<v Speaker 2>conversations.

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<v Speaker 1>So how do you think we can kind of kind

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<v Speaker 1>of overcome this negative sentiment? What should people be doing

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<v Speaker 1>when when there is the need to talk about money

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<v Speaker 1>with their loved ones?

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<v Speaker 2>Yeah, look, two things, I think money is emotional. We

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<v Speaker 2>know that money is an incredibly emotive subject. Um, so

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<v Speaker 2>approaching it in ways which is much more focused around

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<v Speaker 2>particular subjects can just help manage some of those emotions

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<v Speaker 2>because you have a particular focus. Yeah. Um, and, and

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<v Speaker 2>whether that be, for example, retirement plan.

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<v Speaker 2>It was amazing to actually to see how many of

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<v Speaker 2>our younger generations are thinking about retirement. It was one

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<v Speaker 2>of the most prevalent conversations across social media, which is fantastic. Now, what,

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<v Speaker 2>what retirement planning maybe to, to myself, maybe different to

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<v Speaker 2>somebody who's just starting out their career, but giving it

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<v Speaker 2>that purpose can really help focus a conversation.

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<v Speaker 2>And secondly, actually, where, where you are having challenges and struggles,

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<v Speaker 2>actually bringing in somebody who is independent to facilitate some

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<v Speaker 2>of those conversations, somebody that you do trust.

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<v Speaker 2>Um, and somebody that's going to approach those conversations in

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<v Speaker 2>the right way can actually be really important. It can

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<v Speaker 2>be incredibly empowering for somebody to manage through those things

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<v Speaker 2>with you. Yeah,

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<v Speaker 1>that's a good point having that independent third party which

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<v Speaker 1>also brings me to my next question about financial advice

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<v Speaker 1>because nowadays a lot of influencers online dishing out advice

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<v Speaker 1>on social media, you can get it on YouTube and

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<v Speaker 1>then there are the 1 to 1 financial advisors who

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<v Speaker 1>try to get you to invest your money and grow

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<v Speaker 1>your money so

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<v Speaker 1>What are some of the common misconceptions that people have

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<v Speaker 1>when it comes to financial

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<v Speaker 1>advice?

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<v Speaker 2>Yeah, so I think the first and the biggest one

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<v Speaker 2>that we found is that financial advice is only for

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<v Speaker 2>the either the rich and famous or the wealthy. Um,

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<v Speaker 2>it absolutely shouldn't be, and if it is, then, then

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<v Speaker 2>we're doing something wrong. Financial advice should be fought for everybody.

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<v Speaker 2>It helps people as they start to start start to save.

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<v Speaker 2>They start on that financial journey, um, through to how

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<v Speaker 2>do they plan.

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<v Speaker 2>For the, the speed bumps in the road, is that children?

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<v Speaker 2>Is it things that happen unexpectedly? through to how do

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<v Speaker 2>you start to, to, to kind of go into your

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<v Speaker 2>golden age years and um start to transfer that wealth

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<v Speaker 2>or or just enjoy it, travel more, whatever that may be. Um,

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<v Speaker 2>so financial advice is absolutely for, for everybody, but it

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<v Speaker 2>isn't always accessible to everybody, and that's the challenge.

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<v Speaker 1>Yeah, so um the thing is, um, how do we

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<v Speaker 1>then um kind of filter through the information, especially when

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<v Speaker 1>it comes to social media where it's it's for everyone,

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<v Speaker 1>but uh again we might not be able to differentiate

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<v Speaker 1>theit information from from what is uh you know, really

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<v Speaker 1>relevant to us, how do we see through this information overload?

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<v Speaker 2>Yeah, and and and it is information overload which is

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<v Speaker 2>is great on one hand that there is that access

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<v Speaker 2>to information.

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<v Speaker 2>Um, which there's never been before. There's we've never had

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<v Speaker 2>access to so much financial information. But, but people are,

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<v Speaker 2>you know, people are mistrusting over just the, the breadth

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<v Speaker 2>of it. They don't know where to go for quality

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<v Speaker 2>information and also what we found is, is that a

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<v Speaker 2>lot of financial information is very short term focused.

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<v Speaker 2>Um, you know, we, we all gonna click on a,

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<v Speaker 2>a get rich quick scheme or, or what's the next

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<v Speaker 2>best idea to make money tomorrow. Um, we see so

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<v Speaker 2>much of that out there on, on social media or,

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<v Speaker 2>or who, for example, that we're following, what are they

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<v Speaker 2>talking about. Um, so how do we really find the

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<v Speaker 2>quality information? And I think that's the key, finding good quality, trusted.

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<v Speaker 2>Information. So what I would say is, is actually just

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<v Speaker 2>finding those sources that you can resonate with that you

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<v Speaker 2>understand that people that are are talking about things that

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<v Speaker 2>resonate with, with you. Um, what resonates with me may

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<v Speaker 2>be very different to what resonates with you, Cheryl, but

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<v Speaker 2>finding that person that you can, that you can really

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<v Speaker 2>uh kind of trust and understand.

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<v Speaker 2>is very, very important. And thinking about good quality information.

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<v Speaker 2>People that are there for the long term. So people,

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<v Speaker 2>good quality information is information that should be there, not

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<v Speaker 2>just on the upside, but also on the downside. People

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<v Speaker 2>that are there to to help you through the ups

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<v Speaker 2>and the downs. That's how you can really kind of

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<v Speaker 2>find good quality sources.

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<v Speaker 1>Um, Joel, you you mentioned retirement planning, which we're going

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<v Speaker 1>to get into in just a bit, but what are

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<v Speaker 1>some of the topics that

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<v Speaker 1>Uh, people are searching or seeking out when it comes to, uh,

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<v Speaker 1>money advice online. Are we looking at things like, I

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<v Speaker 1>don't know, just day to day budgeting perhaps, spending, what's

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<v Speaker 1>the content that people are, uh, that's popular among, you know,

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<v Speaker 1>the masses.

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<v Speaker 2>Yeah, people are people are definitely thinking about budgeting and

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<v Speaker 2>and how to manage debt, you know, getting, getting and

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<v Speaker 2>and understanding debt and managing debt is an incredibly important

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<v Speaker 2>thing too.

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<v Speaker 2>Um, actually, a lot of people are, are talking online

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<v Speaker 2>about how to manage those conversations with your parents, um,

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<v Speaker 2>with your loved ones, with your spouses, um, and, uh,

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<v Speaker 2>and that's, that's really useful because you can actually get

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<v Speaker 2>quite personal insights in terms of how to manage those,

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<v Speaker 2>those things. And then the last one is that that

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<v Speaker 2>point around you mentioned retirement is financial freedom. So you

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<v Speaker 2>know what, what, what is in retirement actually is changing

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<v Speaker 2>and a lot of people are becoming astute to actually

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<v Speaker 2>how can they create more financial freedom.

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<v Speaker 2>In their lives, whether that be the freedom to enjoy

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<v Speaker 2>the things that they want to enjoy now, or the

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<v Speaker 2>freedom to think about when they don't have to start to,

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<v Speaker 2>to continue to work in the future. That's a really

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<v Speaker 2>important point, and we're seeing that come through a lot

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<v Speaker 2>of the social media conversations now.

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<v Speaker 1>Yeah.

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<v Speaker 1>And uh so let's come back to that topic about

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<v Speaker 1>retirement because uh I see that uh I think you

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<v Speaker 1>found almost like 12,000 money conversations as part of your

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<v Speaker 1>research across your audiences for the past year. That's a

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<v Speaker 1>lot of retirement posts. Why do you think people are

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<v Speaker 1>thinking about that, is it, is it something that, you know,

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<v Speaker 1>because the government also talks about, you know, getting us

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<v Speaker 1>to retire, the whole Central Provident Fund CPF is uh

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<v Speaker 1>to help us all have something when we retire as well.

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<v Speaker 1>Do you think that's just, it's just in Singapore that

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<v Speaker 1>retirement is something that is top of mind even at

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<v Speaker 1>a young age?

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<v Speaker 2>Um, I, I certainly think it's becoming more prevalent here. Um,

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<v Speaker 2>I think the government have done a great job in

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<v Speaker 2>raising awareness of the importance of being financially prepared for retirement.

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<v Speaker 2>Um, and I think that generations coming through are really

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<v Speaker 2>understanding that actually your, your children may not be here,

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<v Speaker 2>they may be somewhere else in the world as though

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<v Speaker 2>the world becomes much kind of much more connected. So

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<v Speaker 2>you can't always rely on them in your retirement. Um,

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<v Speaker 2>you know, actually you've got to start to make those

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<v Speaker 2>preparations yourself. So we are becoming more aware in Singapore. Um,

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<v Speaker 2>plus we know that the cost of living.

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<v Speaker 2>Has increased, um, so therefore we need to think much

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<v Speaker 2>more about how we can continue to manage our day

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<v Speaker 2>to day whilst thinking about the future.

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<v Speaker 2>Um, so that whole conversation around retirement and also what

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<v Speaker 2>retirement is, I mentioned it a minute ago, I think

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<v Speaker 2>a lot of people actually, you ask them and they'll

0:11:37.830 --> 0:11:40.189
<v Speaker 2>say that actually I'll probably, I'll never be able to

0:11:40.190 --> 0:11:42.939
<v Speaker 2>afford to retire, but I'd like to have the option. Um,

0:11:42.950 --> 0:11:44.549
<v Speaker 2>people are starting to think about that, it takes some

0:11:44.549 --> 0:11:47.390
<v Speaker 2>of the pressure off what retirement could mean, but actually

0:11:47.390 --> 0:11:50.030
<v Speaker 2>enables them to, to empower them to even make the

0:11:50.030 --> 0:11:51.549
<v Speaker 2>little differences in preparation for

0:11:51.549 --> 0:11:51.840
<v Speaker 2>it.

0:11:52.070 --> 0:11:52.369
<v Speaker 1>Yeah.

0:11:52.989 --> 0:11:54.890
<v Speaker 1>So I, uh, like you said, I think a lot

0:11:54.890 --> 0:11:58.200
<v Speaker 1>of us are very forward thinking, so even if you know,

0:11:58.250 --> 0:12:01.690
<v Speaker 1>in our 30s, it's never too early to just start

0:12:01.690 --> 0:12:05.289
<v Speaker 1>even it may not be immediate steps but just thinking

0:12:05.289 --> 0:12:09.169
<v Speaker 1>about retirement planning. I think it's worth thinking about even

0:12:09.169 --> 0:12:12.679
<v Speaker 1>at a young age. Um, Joel, when it comes to

0:12:12.890 --> 0:12:16.289
<v Speaker 1>how we can get better at talking about money, what

0:12:16.289 --> 0:12:19.960
<v Speaker 1>are some of what what what are some tips or

0:12:20.169 --> 0:12:21.640
<v Speaker 1>insights that you can share with us?

0:12:22.000 --> 0:12:24.539
<v Speaker 2>Yeah, absolutely, thank you, Cheryl. Um, so I think the

0:12:24.539 --> 0:12:26.739
<v Speaker 2>first thing is, is that we need to make sure

0:12:26.739 --> 0:12:29.659
<v Speaker 2>that we, we have a reliable sources of information. We're

0:12:29.659 --> 0:12:32.929
<v Speaker 2>following the right people, we're getting advice from the right people. Um,

0:12:32.940 --> 0:12:36.140
<v Speaker 2>and secondly, I would say give it a purpose. So

0:12:36.140 --> 0:12:37.579
<v Speaker 2>financial conversations are.

0:12:37.655 --> 0:12:41.364
<v Speaker 2>Always best when they are focused on something, whether that be,

0:12:41.484 --> 0:12:43.114
<v Speaker 2>like we said, we talked about that, you know, about

0:12:43.125 --> 0:12:46.044
<v Speaker 2>about retirement planning, or whether it be helping and thinking

0:12:46.044 --> 0:12:47.804
<v Speaker 2>about what you need to do to support your parents

0:12:47.804 --> 0:12:50.564
<v Speaker 2>or whatever that may be, maybe it's reti you're saving

0:12:50.565 --> 0:12:54.164
<v Speaker 2>for for your children's education fund or something. Um, and

0:12:54.164 --> 0:12:57.354
<v Speaker 2>the third one, I think this is the most important piece, is,

0:12:57.364 --> 0:12:59.645
<v Speaker 2>is that we've got to think about the language that

0:12:59.645 --> 0:13:01.565
<v Speaker 2>we use. We've got to think about how we have

0:13:01.565 --> 0:13:03.275
<v Speaker 2>those honest conversations.

0:13:04.109 --> 0:13:07.939
<v Speaker 2>Advice and conversations around finance should be accessible. Therefore, the

0:13:07.940 --> 0:13:10.059
<v Speaker 2>language we use shouldn't be complicated, it shouldn't have lots

0:13:10.059 --> 0:13:12.770
<v Speaker 2>of acronyms in it. It shouldn't be things that are,

0:13:12.940 --> 0:13:15.939
<v Speaker 2>are inaccessible to to certain people. So we've got to

0:13:15.940 --> 0:13:20.530
<v Speaker 2>think about as financial professionals having conversations in the right

0:13:20.530 --> 0:13:22.299
<v Speaker 2>way that people can understand and.

0:13:22.395 --> 0:13:27.145
<v Speaker 2>And engage with. that's how financial advice becomes much more

0:13:27.145 --> 0:13:28.454
<v Speaker 2>accessible to more people.

0:13:28.664 --> 0:13:31.945
<v Speaker 1>Yeah. So having a strong, a clear purpose when you

0:13:31.945 --> 0:13:34.974
<v Speaker 1>talk about money and also the language that we use,

0:13:35.484 --> 0:13:37.385
<v Speaker 1>and I like the point you mentioned about the third

0:13:37.385 --> 0:13:42.465
<v Speaker 1>party advisor. So when do you think uh people should

0:13:42.465 --> 0:13:46.184
<v Speaker 1>start thinking about engaging this financial advisor to come in?

0:13:46.294 --> 0:13:47.444
<v Speaker 1>Is there a point?

0:13:47.820 --> 0:13:50.959
<v Speaker 1>Uh, but it's just about mitigating disputes or is it

0:13:50.960 --> 0:13:53.799
<v Speaker 1>more just just planning, you know, when they start to

0:13:53.799 --> 0:13:56.429
<v Speaker 1>plan for their investments and their savings, for instance?

0:13:56.760 --> 0:13:58.760
<v Speaker 2>Yeah, I would say that it's, you can never be

0:13:58.760 --> 0:14:03.159
<v Speaker 2>too early, um, and there there's a huge number of

0:14:03.159 --> 0:14:06.080
<v Speaker 2>different financial advisors out there in the market, so a

0:14:06.080 --> 0:14:08.719
<v Speaker 2>guidance would be find one that works for you. Find

0:14:08.719 --> 0:14:12.010
<v Speaker 2>somebody that can understand you. They may be a similar

0:14:12.010 --> 0:14:14.159
<v Speaker 2>type of a person to you, similar age to you,

0:14:14.210 --> 0:14:16.000
<v Speaker 2>they may have similar values to you. Find somebody that

0:14:16.000 --> 0:14:16.718
<v Speaker 2>you can trust.

0:14:17.219 --> 0:14:20.429
<v Speaker 2>Um, but you're never, it's never too soon to start

0:14:20.429 --> 0:14:24.299
<v Speaker 2>having those conversations to put in place a financial plan,

0:14:24.710 --> 0:14:27.710
<v Speaker 2>because if you're bringing somebody in at the point of

0:14:27.710 --> 0:14:29.580
<v Speaker 2>conflict mitigation or.

0:14:29.880 --> 0:14:33.130
<v Speaker 2>Uh, at that point of thinking about transfer, it's too late.

0:14:33.690 --> 0:14:36.659
<v Speaker 2>Of those, the earlier you have those conversations, the easier

0:14:36.659 --> 0:14:39.419
<v Speaker 2>these things are and the more help you can get

0:14:39.419 --> 0:14:41.820
<v Speaker 2>in managing those conversations with family and loved

0:14:41.820 --> 0:14:42.179
<v Speaker 2>ones.

0:14:42.250 --> 0:14:44.059
<v Speaker 1>Yeah. The thing is I think in Singapore, a lot

0:14:44.059 --> 0:14:47.099
<v Speaker 1>of us get very a little bit skeptical or overwhelmed

0:14:47.099 --> 0:14:50.539
<v Speaker 1>because financial advisors tend to, you know, oversell certain things

0:14:50.539 --> 0:14:52.739
<v Speaker 1>or they might might make us buy things that we

0:14:52.739 --> 0:14:55.340
<v Speaker 1>weren't prepared to buy like investment plans and all that.

0:14:55.729 --> 0:14:58.049
<v Speaker 1>Uh, do you have any thoughts on how we can

0:14:58.570 --> 0:15:01.679
<v Speaker 1>manage that relationship with our financial advisor?

0:15:02.130 --> 0:15:05.690
<v Speaker 2>Yeah, absolutely, and if, if somebody, if you ever feel

0:15:05.690 --> 0:15:08.289
<v Speaker 2>like somebody's trying to sell you something and oversell and

0:15:08.289 --> 0:15:10.090
<v Speaker 2>oversell you, and what I would say is not listening.

0:15:10.429 --> 0:15:12.789
<v Speaker 2>Then they're probably not the right fit for you. So

0:15:12.789 --> 0:15:15.109
<v Speaker 2>make sure that you find somebody that listens, that you

0:15:15.109 --> 0:15:17.979
<v Speaker 2>feel like actually they can understand you, um, and that is,

0:15:17.989 --> 0:15:20.190
<v Speaker 2>is giving you more of a, they're trying to sell

0:15:20.190 --> 0:15:21.789
<v Speaker 2>you advice, they're not trying to sell you a product.

0:15:21.869 --> 0:15:24.359
<v Speaker 2>That would be my biggest tip for for

0:15:24.359 --> 0:15:24.669
<v Speaker 2>your show.

0:15:24.909 --> 0:15:27.429
<v Speaker 1>Yeah, I love that selling advice, uh giving you advice

0:15:27.429 --> 0:15:30.909
<v Speaker 1>and not selling you a product when it comes to

0:15:30.909 --> 0:15:32.989
<v Speaker 1>picking your financial advisor and yeah don't be afraid to

0:15:32.989 --> 0:15:33.469
<v Speaker 1>walk away.

0:15:33.869 --> 0:15:36.989
<v Speaker 1>If that person is not working for you. Joel, this

0:15:36.989 --> 0:15:39.429
<v Speaker 1>has been immensely insightful and helpful. Thank you so much

0:15:39.429 --> 0:15:41.830
<v Speaker 1>for taking the time to speak to us. Uh, we're

0:15:41.830 --> 0:15:45.229
<v Speaker 1>speaking to Joel Carpenter, Chief Executive officer at St. James's

0:15:45.229 --> 0:15:47.750
<v Speaker 1>Place Singapore. If you want to find out more about

0:15:47.750 --> 0:15:55.909
<v Speaker 1>the services by St. James's Place, you can go to www.SJP.asia/SG. Joel,

0:15:55.989 --> 0:15:56.820
<v Speaker 1>thank you so much.

0:15:57.429 --> 0:15:57.580
<v Speaker 2>Thank

0:15:57.580 --> 0:15:59.070
<v Speaker 2>you, Cheryl, have a great day. You too.