Why Personal Finance Is Broken and How to Make It Work for Everyone
Interview with John Campbell and Tarun Ramadorai about their book Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone. Argues the financial system is rigged against ordinary households, exploiting cognitive biases and product complexity for profit, exacerbating inequality. Many make costly mistakes in areas like mortgages and retirement savings, unknowingly subsidising others. Education alone is insufficient; instead, simpler, standardised financial products, like those in the pharmaceutical market, and clear government regulation are vital. Suggests this systemic failure contributes to widespread distrust in institutions and the market economy.
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