Just done listening to this 28 minute Hidden Brain podcast “Money Talks” which asks such provocative questions such as:

• Would you buy clothing from a department store if you knew the apparel was made in a sweatshop?
• If you have a choice between a local coffee shop and a national chain, which would you choose?
• Does how a company treats its employees (e.g, Uber) or customers (e.g., United) factor into your purchasing decision?

I also learned a new term listening to this podcast:”buycott”, which is the opposite of boycott. You will also hear about some interesting research findings about how ethics play into purchase decisions.

Description: 

We might think that we use money mostly to satisfy economic needs, but Paharia has found in her research that we often aim to satisfy psychological ones — whether that means driving a fancy car to show off our social status, or buying coffee at the local shop instead of a chain to express our moral values.

But while we do use money to support causes we believe in, we are often selective about when we express those beliefs — and when we ignore them.

Questions for students:

• How would you answer the three questions above?
• Give examples of decisions where you have used money to express your values.
• What are examples of purchases that teens make to express their status?

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A few resources you might want to pair with this podcast:

• PBS Video (8 minutes): Why Are Teens So Brand Conscious? 
• Lesson idea: How Do You Teach Money Values? 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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