In short
Bank of Dad - Podcast Episode Summary
Episode Details
- Title: Bank of Dad - Intro
- Hosts: Kate Matthew and Pete (Dad)
- Description: An introduction to the Bank of Dad Podcast, aiming to share practical money lessons that aren't taught in schools, focusing on real talk and avoiding jargon.
Key Themes and Concepts
- Purpose of the Podcast:
- To educate listeners on financial literacy that is often lacking in traditional education.
- To provide a judgment-free zone where money management can be discussed openly.
- To empower individuals to take control of their finances.
- Unique Approach:
- Combining Kate's experiences and struggles with finances as a young adult with Pete's extensive experience as a financial advisor.
- Aiming to break down complex financial terms and concepts into relatable, easy-to-understand language.
Main Discussions Introduction of the Hosts
- Kate introduces herself and her father, Pete, highlighting their dynamic relationship and shared goal of financial education.
- They reflect on the lack of financial education in schools and why it’s crucial for everyone to learn how to manage money.
Personal Experiences
- Kate shares her advantage of having a financial advisor as a father, contrasting it with many individuals who lack such resources.
- Discussion of the taboo surrounding money in many households and the impact that has on financial literacy.
Pete's Background
- Pete elaborates on his qualifications as a chartered financial planner with nearly three decades of experience.
- He emphasizes his aim to help educate people on basic financial principles that everyone should know.
Podcast Format Structure of Future Episodes
- Main Topic: Each episode will focus on a specific financial topic, explained clearly and concisely.
- Wanky Word of the Week: A segment dedicated to explaining financial jargon in a humorous and straightforward manner.
- Has Kate Got It?: An interactive segment where Kate is quizzed on the topic discussed to reinforce learning and engagement.
Goals for the Podcast
- To simplify financial concepts and remove the overwhelm often associated with personal finance.
- To create a resource where listeners can revisit topics as needed.
- To build a community around financial literacy, encouraging questions and discussions.
Key Takeaways
- Financial Literacy is Essential: Understanding money management is a vital skill that impacts many aspects of life, including health and relationships.
- No Judgment Zone: The podcast aims to provide information without judgment, making it accessible for everyone regardless of their current financial knowledge.
- Engagement with Audience: Encouragement for listeners to send in questions and topics they struggle with, further fostering an interactive learning environment.
Conclusion
- The episode sets the tone for the series, promising a friendly, informative, and entertaining approach to learning about money management, with a personal touch from the father-daughter duo. Kate and Pete are excited to embark on this journey to help others take control of their financial futures.
Contact Information: Listeners are encouraged to email questions to hello@bankofdad.show for future discussions.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Need for Financial Education
0:45 to 2:27
Discussion on the lack of financial education in schools and its implications.
“We get taught lots of things at school, some of which is useful and a lot of it isn't.”
Personal Experiences with Money
2:27 to 3:45
Exploration of personal family dynamics around discussing finances.
“And it's never been something we can't talk about, which I think is important as well.”
Authority and Background in Finance
3:45 to 5:00
Overview of the hosts' qualifications and experiences in the financial sector.
“So that means I'm a financial advisor, I'm regulated.”
The Podcast's Unique Approach
5:00 to 6:24
Introduction of the podcast's goals to demystify finance and avoid jargon.
“We're about 10 minutes into the first episode and we've lost the clean rating.”
Understanding Financial Topics
6:24 to 8:00
Discussion on the importance of breaking down financial concepts for listeners.
“and you've been doing it for 15 years so I don't remember a time when Meaningful Money wasn't really in my life and I've yet to listen to an episode all the way through.”
The Structure of Future Episodes
8:00 to 9:24
Outline of how future episodes will be structured and what topics will be covered.
“once a week in school from year 10 and 11.”
Humor and Accessibility in Finance
9:24 to 10:45
How humor will be used to make financial discussions more relatable.
“kind of at the point at which they need it or before, then you know and again cut away the stuff that they don't need then I think that hopefully will land better.”
Wanky Word of the Week
10:45 to 12:10
Introduction of a recurring segment to clarify financial jargon.
“good that would have been real I came into your life when you were three what?”
Concluding Thoughts on Finance
12:10 to 14:02
The hosts share final thoughts on the importance of financial knowledge.
“Well done, you've been doing it so well for all these days.”
Understanding Finance Jargon
14:02 to 15:56
Explore the complexities of financial jargon and its comedic implications.
“Yeah, it's hard to talk about credit cards without explaining what interest rate is.”
Show all 11 chapters
Introducing the Podcast Format
15:56 to 17:51
Learn about the structure and unique segments of the Bank of Dad podcast.
“Yeah, it will prompt me to ask you any questions that hopefully the audience will be thinking as well.”
Transcript
Automatic transcript. May contain errors.0:00Kate Matthew:You would be wrong to say finance is an interesting topic. It's not. Ironically, you've always told me not to look for a man as a financial plan.
0:12Pete Matthew:A man is not a financial plan. That's probably the thing I've said to you most, isn't it?
0:15Kate Matthew:Yes, I can be my own financial plan.
0:17Pete Matthew:Exactly right. Yeah, yeah. But if I marry a rich man, that would be quite nice to.
0:22Kate Matthew:Hi, and welcome to Bank of Dad, the podcast where we teach you all the money lessons we should have been taught at school. I am Kate and this is my dad Pete and we're here to make money easy for you. No judgment, no jargon, just real talk about how to handle it.
0:37Pete Matthew:Yeah, that's the plan. This kind of came out from many conversations, you know, about why we don't teach this stuff at school. We get taught lots of things at school, some of which is useful and a lot of it isn't. I mean, I've never once had to calculate the area under a curve or, you know, the circumference of a triangle, of a circle, you know, since leaving school.
1:03Kate Matthew:That's evidence by the fact that you're doing circumferences of triangles.
1:05Pete Matthew:Yeah, it's not a great start, really. But, I mean, there's lots of things that we teach, and I'm sure plenty of people do use Pythagoras or whatever, but I never have. But every single one of us needs to handle our money every day. So unless you are fortunate enough to have a parent or somebody in your life who can teach you this stuff and who does, then you just basically have to kind of find out for yourself. So we wanted to do something about that.
1:31Kate Matthew:Yeah, I mean, blessed in many ways to call you my dad.
1:36Pete Matthew:Oh. But one of the main things, one of those on audio, dad was wiping away a fake tear there.
1:46Kate Matthew:So overcome my emotion. You know, so many people don't have any kind of authority figure on money.
1:56Pete Matthew:No.
1:56Kate Matthew:And like we said, we're not taught about it in school. Whereas when your dad is a financial advisor, you've got a bit of a heads up, you know, a step up.
2:05Pete Matthew:Yeah, I mean, you would say that compared to, you know, like some of your friends or, you know, sort of past relationships even, you've definitely been at an advantage financially. financially you have taught others because of stuff that you've kind of learned from I suppose
2:22Kate Matthew:from me and your mom yeah yeah definitely mum as well you know mum taught you a lot of things before literally everything which we can go into but yes just even I mean in a lot of households and you would say your household growing up money was taboo yeah we didn't talk about it whereas you've always been very honest and well this is what it is and you set me up on my first you know debit card with GoHenry when I was 15 or whatever it was. And it's never been something we can't talk about, which I think is important as well. I always felt I could ask you questions. And if there's no one in, you know, if you've gone to a parent, a teacher or whatever and asked a question, it's no, we don't talk about that.
2:59Kate Matthew:Well, then how are you supposed to know, let alone feel comfortable enough to ask?
3:02Pete Matthew:Do a lot of damage, actually, by making it taboo. I can definitely speak to that. Maybe that'll come up as we go through this. But yeah, you know, it was definitely something that was never talked about at home and that definitely had an impact then even on how in the early days being married to your mum you know how we spoke and you know I would sometimes be hesitant to speak about money because it was kind of deeply ingrained in me that it was a taboo subject so perhaps we'll get into that but the purpose of this podcast is to kind of do our little bit towards maybe fixing that a little bit so we should probably say how we have any
3:40Kate Matthew:authority to talk about this subject or how you have authority to talk about this subject. Yeah, okay, good shout.
3:45Pete Matthew:So I'm a chartered financial planner. So that means I'm a financial advisor, I'm regulated. So I've been doing it for 28 years nearly. So in that time, I have worked with thousands of families, certainly. And my job really is to help people navigate the personal finance system. Now, generally speaking, in dealing with the sort clients that come to my practice, these are generally people with some means. I mean, you know, it costs thousands of pounds for us to build a plan for a client. So, you know, we're not generally dealing with, shall I say, the masses. We're generally dealing at the wealthier end of the spectrum, right?
4:25Pete Matthew:Because that's where we can add value. But for the last 15 years, I've been producing another podcast called Meaningful Money, a YouTube channel as well. And my essentially, I've built a career on telling people that they don't need to see a financial advisor, that the vast majority of people, as long as they learn some basic sort of rules and basic principles on how to manage their finances, right the way from budgeting, you know, and controlling your money that comes in and out, all the way up to investing and maybe one day retiring anybody with you know the wit and a bit of time to put into it can avoid seeing somebody like me the great sort of irony really the irony is that it's given you more business than ever well yeah flat out busy and most of it comes from the podcast but you know i i guess in doing a podcast for so long and actually doing it as advising clients as my day job for so long you get pretty good at explaining things and i think a key point that we want to get out of this is to kind of cut away all the stuff that people don't need to know because there's a lot of influencers there's lots of content around these days much of it is good a lot of it is terrible and really what you need is kind of um distilled you want sort of clarity the no bullshit approach Exactly.
5:51Pete Matthew:Cut away the crap. Yeah, good shout. We're about 10 minutes into the first episode and we've lost the clean rating. Never mind. It was probably going to go soon.
6:00Kate Matthew:There's a whole segment with an unclean name coming up. There is. We'll get to that. I don't think we were ever going to get that rating.
6:06Pete Matthew:No, probably not. That's all right. It's actually quite nice. I get to be a little bit sweary on this one, which I can't on the long show. I mean, we're not going to be effing and blinding. No, of course not.
6:13Kate Matthew:It's not necessary. It's true. I very recently have started to help produce Meaningful Money and also Meaningful Money has been, you know, I'm 22 and you've been doing it for 15 years so I don't remember a time when Meaningful Money wasn't really in my life and I've yet to listen to an episode all the way through.
6:35Pete Matthew:It's not really for you though, isn't it? And that's kind of the point.
6:38Kate Matthew:Yeah, but that's so bad.
6:39Pete Matthew:Well, you have read the first book though, but only because I made you.
6:42Kate Matthew:Yeah, so I've also started working for dad's company, Jackson's, and whilst a part of what I do on the Meaningful Money side is your socials and marketing and that side of things, so I thought I should probably read the book to see if there's anything good in there. It was, it was a good read.
6:58Pete Matthew:The jury's out.
7:00Kate Matthew:But it was quite funny, the people in the office were laughing that it took me being paid by you before you read the actual book. actually read the book but yes it's you know you said you're and you are very good at explaining and getting rid of all the rubbish and you know even with that you as an influence in my life i've still not fallen victim but seen the get rich in 10 days great that sounds fantastic and yeah i realize actually i can't do any of those things because it doesn't work that way it really
7:30Pete Matthew:doesn't unfortunately if it was we'd all be great yeah so yeah i think the aim for this unlike
7:37Kate Matthew:meaningful money which has become quite niche which is to be expected more retirement focus and people who generally have again like jackson's more yes we want this to be a for the very beginning no judgment as if you don't know anything for sure because why would you because why would we there's no can you imagine how prepared in life we'd be if there was a class once a week in school from year 10 and 11. This is what a credit card is. This is what a pay... You had to teach me how to read a payslip.
8:10Pete Matthew:Yeah, right. And that's... We're going to do an episode on that.
8:12Kate Matthew:Yeah. So it's kind of... We want it to be the completely bare bones. We're not going to say a word and not explain it.
8:20Pete Matthew:Hopefully not. Should have like a buzzer. So if I do drop something...
8:23Kate Matthew:There's a podcast that does that. Yeah, yeah. You were interviewed.
8:25Pete Matthew:Yeah, Damien. I was on the Making Money podcast. And T has a buzzer. because he's non-financial services background, whereas Damien is. So if any word from Damien or the guest says something, there's a big red buzzer and he hits it.
8:38Kate Matthew:That's a brilliant idea. We'll have to ask them if they don't mind us using that. But yeah, I think it's also important to know in this setting, whilst I have some knowledge, because you said I have had friends or even past relationships where I've taught them things you've taught me, I still don't have a, I'm not a financial advisor. I don't have that knowledge. And I think that's okay. I don't want, no offence, don't want to be one. So I don't need to have that knowledge.
9:06Pete Matthew:No, it's like nobody really wants to be kind of sat down and lectured. It's like, okay, have a day with me, Kate, and I'll give you everything you need to know. That would be like the most boring day.
9:15Kate Matthew:That would suck and I know you and I really like you. So for anyone who doesn't know us, that would be really boring.
Read the full transcript
9:21Pete Matthew:Yeah, nobody's going to sit through that. But whereas if you can give this stuff, this information to people kind of at the point at which they need it or before, then you know and again cut away the stuff that they don't need then I think that hopefully will land better. Something that idea is you know that we'll deal with one subject broadly a week not sort of thrash it to death but give you the main points. Just the stuff you need and not the
9:45Kate Matthew:extra stuff.
9:46Pete Matthew:And make it applicable so easy to apply we've got to give you know people got to watch this and say right okay I know what I need to do next.
9:54Kate Matthew:Yeah it shouldn't to me because I've written the first 12 11 of these 12 11 of these and yes for obviously it might get to the point where we have people asking questions but for now it's we've got a topic and we kind of break it down but when i was researching it for things people are asking there was barely a topic that didn't have a billion other topics with it like do you know and a load of words i didn't know and it suddenly felt very overwhelming and i thought well this is exactly why we need to do this it needs to get rid of the overwhelm and in 20 30 minutes right we've explained credit cards we've explained payslips to the level that you need
10:29Pete Matthew:and that's it done
10:30Kate Matthew:and you can come back and revisit it whenever you need it's there whilst hopefully being somewhat entertaining we'll see about that it is money
10:40Pete Matthew:it is money but you know obviously I've known you all your life
10:45Kate Matthew:good that would have been real I came into your life when you were three what?
10:49Pete Matthew:yeah and we have a
10:51Kate Matthew:bit of a shock
10:52Pete Matthew:revelation for a public saying so we've always had a great relationship shit we sort of take the mick out of each other quite a bit so hopefully it'll be uh listen-to-able
11:01Kate Matthew:and reasonably entertaining don't tell us if it's not leave us be no no give us nice five-star
11:06Pete Matthew:reviews on iTunes please without any exception but look more than anything we want to give people autonomy we want people to be able to take control honestly money is arguably the biggest stressor in people's lives it's probably the things that people worry about most you got health and relationships would be up there but I reckon probably money I'm sure there's a study probably should have researched one before going into this, but I'm sure it must be, if it's not the top, it's got to be top three.
11:31Kate Matthew:But it impacts the others. You say health and relationships. How many relationships have broken down or gone through hard patches because of money?
11:38Pete Matthew:Yeah, masses.
11:39Kate Matthew:How many, you know, okay, in the UK, we've got a health service, so health and money
11:43Pete Matthew:may not be directly linked, but then you also say, well, if you've got money and you're
11:48Kate Matthew:able to budget for better food produce, that helps your health.
11:52Pete Matthew:It's definitely linked. It's intertwined, isn't it? Yeah, for sure. so if we can you know address this stuff for people then hopefully we can remove some stress as well which will be worth doing yes so we've got a bit of a thread that we're going to go through each episode don't we
12:06Kate Matthew:yes we do a structure
12:09Pete Matthew:a structure I've got a word for it
12:11Kate Matthew:yes so somewhere I've got that written down
12:15Pete Matthew:also once we go through this we're going to get better at making notes that are easy to read that makes sense
12:20Kate Matthew:it's quite hard to write a podcast
12:22Pete Matthew:isn't it
12:23Kate Matthew:well hang on you haven't let me but yes It is hard to write a podcast. Well done, you've been doing it so well for all these days. No, it's hard to write a podcast about something you don't know.
12:32Pete Matthew:Yeah.
12:32Kate Matthew:It's hard to go, Dad, say this, when I don't know how you're going to explain it.
12:37Pete Matthew:As you probably gather, it's not scripted. No. Anyway, but, you know, so it'll be bullet points, but it's just making sure.
12:42Kate Matthew:But it's hard to know what points to hit when you don't know what it is. It is. When you're writing it.
12:45Pete Matthew:This is intro. But we'll work out. We can chill a little bit.
12:47Kate Matthew:Yes, so we'll introduce the topic that we're going to do.
12:51Pete Matthew:Yeah.
12:52Kate Matthew:If we've had any reviews, at some point we might say about reviews from the or comments from the previous episode but that
12:57Pete Matthew:will be yeah yeah that'll be a few episodes something that comes down the line if anybody watches and listens if anybody watches and so leave us a comment or a review if you're watching
13:05Kate Matthew:and listening and then we can read and say how great we are please if you have anything what was the phrase you always talk if you don't have anything nice to say don't say anything at all if only the internet listen to that um so yeah we'll we'll have a topic a theme yeah um and we'll you know hit the main points of explaining it we're also going to have my favorite section
13:27Pete Matthew:that we have rather poetically dubbed wanky word of the week well i mean as you were prepping all this you know it's amazing how many terms acronyms that i mean it's the same of every i guess area of life but it seems particularly so in finance just so many nonsense words that would never be allowed in normal human speech.
13:49Kate Matthew:Yeah, that just, unless you work in that world, you don't hear.
13:53Pete Matthew:Exactly. So Wanky Word of the Week will probably be broadly linked to the subject, but it'll be, we'll just sort of define it briefly and kind of try and never to use it again.
14:02Kate Matthew:Yeah, it's hard to talk about credit cards without explaining what interest rate is.
14:05Pete Matthew:Yeah, APR and all that sort of stuff. And APR.
14:07Kate Matthew:So it will be, certainly in the beginning, it will be somewhat linked to what we're talking about. But the reason that we've called it Wanky Word of the Week, other than that, it's comedic genius i know that's what you were thinking um so much we it we would be wrong to say finance is a an interesting topic it's not you it's not some find it interesting but i'm not sure i do you always say money isn't the main thing it's a means to an end right but it's it's something we have to
14:35Pete Matthew:know about um so i do listen to you um bodes well yeah it does but yeah so but so much of finance
14:44Kate Matthew:is filled with jargon that just comes across as wanky to me. You know that TikTok sounds like, I'm looking for a man in finance. I'm looking for a man in finance. Trust fund, 6 '5", blue eyes. Finance, trust fund, 6 '5", blue eyes. Finance, trust fund, 6 '5", blue eyes. Like, that's what I think when I hear people, when people are like, oh yes, APR representative. I hear, I see the man in finance in his crap suit, you know? So it's just a bit wanky.
15:16Pete Matthew:One of those sort of little fleece gilet things. Yes, quarter sips. Yeah, oh yes. Yes, quarter. She'll never wear them on this show.
15:28Kate Matthew:So yeah, so there'll be a sort of a word of the week that we explain, a theme.
15:33Pete Matthew:Then we'll go into the theme.
15:34Kate Matthew:Yeah.
15:34Pete Matthew:But I thought it'd be quite important that we ask at the sort of end of each episode whether you've got it or not. So there will be a segment called Has Kate Got It?
15:44Kate Matthew:And annoyingly, his questions that he's asking me to check if I've written it are not on here.
15:48Pete Matthew:They're not in the script. He's written them somewhere else, so I will actually be tested. Yes, I thought that makes sense because, you know, if she's got it, then maybe you have to. Yes. So Has Kate Got It?
15:57Kate Matthew:Yeah, it will prompt me to ask you any questions that hopefully the audience will be thinking as well.
16:01Pete Matthew:And we may sort of throw in audience questions later on. We may, you know, do entire shows based around a question or maybe there's just a quick question that comes in that we can answer. So that's basically where we're going to go and try and keep it to 20, 30 minutes tops. And hopefully we'll talk enough sense that we can break it down and put some shorts and reels off the back of it as well.
16:20Kate Matthew:I'm sure I'll work something out.
16:22Pete Matthew:Well, you're the one that's got to cut it all out.
16:25Kate Matthew:So I'm going to have us doing I'm looking for a man in finance for this week's one.
16:29Pete Matthew:Oh, good.
16:35Kate Matthew:Ironically, you've always told me not to look for a man as a finance.
16:39Pete Matthew:A man is not a financial plan. That's probably the thing I've said to you most, isn't it?
16:43Kate Matthew:Yes, I can be my own financial plan.
16:45Pete Matthew:Exactly right. Yeah, yeah. But if I marry a rich man, that would be quite nice too.
16:51Kate Matthew:But it's not the be all at all.
16:54Pete Matthew:No, it's not a starting point, shall we say that? No. I think we've probably covered it, haven't we?
16:59Kate Matthew:Yes.
16:59Pete Matthew:What the goals are, what the intention is, why we've done it, what kind of qualifies me to be the... We called it Bank of Dad only because we were sort of looking for names and thinking about it and stuff. And talk about the Bank of Mum and Dad, which is very often the reliance of younger people on their parents. And obviously the goal is not to be reliant on others, but to be self-reliant.
17:19Kate Matthew:That's funny. Is that how you perceived that title? Because I always perceived it as the bank of your knowledge.
17:25Pete Matthew:Well, yeah, that's a sort of like, you know, really clever subtext. All right.
17:31Kate Matthew:I was going to say, let's not get too much credit. but ChatGPT had a lot to do with that title.
17:35Pete Matthew:I love AI. Do you use AI? Absolutely. Do you use ChatGPT? Do you love ChatGPT? I love ChatGPT. I love it. Look, hopefully it's memorable as well. And it lends itself to, you know, Bank of Dad bod. So it's the bod pod.
17:50Kate Matthew:It is. I've been calling it bod pod for weeks and he's been denying it. No, no. Yes, we've embraced it as the bod pod.
17:57Pete Matthew:That's whether anybody else will embrace it or we'll just sort of sit here smoothly. All right, shall we wrap it up?
18:03Kate Matthew:Thank you so much for watching or listening. We are also on YouTube, so you can see Dad's lovely face on the internet. Aren't you lucky? The YouTube account is The Bank of Dad Podcast. Please give us a like and subscribe. Please give us some lovely feedback. Let us know if this is something you think is going to be good. If you don't, shush. Be nice. Yeah, we look forward to cracking on. We're going to continue doing it regardless.
18:30Pete Matthew:Yeah, yeah, we'll do it for as long as it's fun. as long as it's beneficial. If you've got any specific finance-related question, it can literally be about anything, then probably the quickest and easiest way to get it to us, you can leave a comment on the YouTube channel or whatever, but the best way to get it to us is by email. So if you email hello at bankofdad.show, that's hello at bankofdad.show, you just put the word question somewhere in the subject and then we'll be able to fish it out of the millions of emails that we're clearly going to get.
19:02Kate Matthew:Fan mail we'll be receiving.
19:03Pete Matthew:Fan mail, you know, brands wanting to work with us, all the stuff that we're expecting. So make sure you put in the word question in the subject line so we can fish it out of the two emails that we're going to get this week.
19:15Kate Matthew:It is really worth knowing. The whole point of this is that there are no stupid questions at all. I've been on my personal Instagram getting people to ask questions that they've got. They've almost certainly, if you're thinking it, someone else is thinking it too. so don't feel like you can't ask us. It'll all be anonymous anyway unless you ask otherwise. So yeah, no stupid questions. We are more than happy to help. It gives us stuff to talk about.
19:40Pete Matthew:Yeah, which is no bad thing. Send them in. That's it, I think, isn't it?
19:44Kate Matthew:Yeah.
19:44Pete Matthew:So thanks for joining us. We'll see you next time.
19:46Kate Matthew:Yeah.
19:47Pete Matthew:Bye.
20:00bred by
From the publisher
Welcome to the Bank of Dad Podcast with Kate Matthew, supported by her financial adviser Dad, Pete. We're here to share the money lessons you never got at school — no judgment, no jargon, just real talk about how to handle your money.
In this episode, we introduce ourselves and what we're hoping to achieve with this new show.
