Our ‘Rooster Heroes’ series brings you financial experts from all over the world, asking them 10 quick fire questions on all things pocket money and allowances – so you learn form the best. They’re all leaders in their field, and they’re all people we at RoosterMoney admire.
This month we spoke to Claudia Hammond.
Claudia is an award-winning broadcaster, psychology lecturer and author based in the UK. In her latest book ‘Mind Over Money: the psychology of money and how to use it better’ she tells us what we can learn from the best research from around the world on how money affects the way we think, feel and behave. She’s also the presenter of ‘All in the Mind’, BBC Radio 4’s show on psychology, mental health and neuroscience. So fair to say she’s a bit of a pro when it comes to money matters.
1. What’s your earliest money memory? 🍼
My grandparents used to save up brand new shiny copper coins for me. It was referred to as “new money” and each time I saw them they’d give me a few pennies and a couple of two pence pieces. For me it was like treasure and I’d stack them up in piles and count them. I’m not sure I ever spent them since they were so shiny.
2. What did you want to be when you were a kid? 👶
First I wanted to be an actress, but realised I was no good at acting. I was lucky though, because by the age of 10, I knew I wanted to work in radio and was making pretend radio shows with a cassette recorder. Knowing what you want to do is half the battle.
“I liked flying saucers. Not sure why since the outside tastes of cardboard.”
3. What’s your favourite candy? 🍬
I liked flying saucers. Not sure why since the outside tastes of cardboard, but I liked the sherbet in the middle.
4. Describe your money personality 🤔
I’ve always been quite good at saving, although I haven’t always saved up for the most sensible things. When I was about 11 I saw a lute at a craft fair and decided to save up for one. It cost £1,400, so there was no way I would ever succeed, but I drew a big thermometer, charity appeal-style, and coloured in every pound that I saved. I saved for a few years and then spent the money on records.
5. What’s the best bit about your job? 💼
I’m always learning new things. Whether I’m writing books or interviewing people about the latest research for my radio shows, every week I discover a tiny bit more about how our minds work.
“Every week I discover a tiny bit more about how our minds work.”
6. Best piece of money advice you’ve ever been given? 🎓
Writing my book about the psychology of money, I read the best research from around the world on how to spend in order to improve your well-being. I include lots of tips in my book and the best one is to spend on experiences, not on material goods.
“Spend on experiences, not on material goods.”
8. What’s your top tip for parents on teaching kids the value of money? 💡
As well as giving regular pocket money, be open with them about money and explain how you’re making the spending decisions you make. Even in the supermarket, you’re making dozens of decisions on value. Get them involved in choosing.
“Even in the supermarket, you’re making dozens of decisions on value. Get them involved in choosing.”
9. How will we be paying for things in 2040? 🤖
With something we’ve not even heard of yet.
10. Bonus: Favourite app on your phone (apart from RoosterMoney of course!) 📲
I rely on CityMapper to find the quickest way to get around London. I’ve lived in the city for more than 20 years and still CityMapper comes up with routes I hadn’t thought of.
You can buy Claudia’s book on Mind Over Money: the psychology of money and how to use it better here.