Make Money Better | Els Lagrou

Featuring Els Lagrou, Senior Expert in Financial Literacy and Financial Education on the 2023 edition of our Q&A series ‘Make Money Better’ where we spend five minutes with each of our judges, capturing their insights into the world of money awareness and inclusion.

What makes you interested in better understanding how money works? If you had an “A-ha” moment, please tell us about that.

One day I learned about Robert Cialdini’s Principles of Persuasion: scarcity, authority, reciprocity commitment, social proof and sympathy. This gave me insights in the factors that affect the decisions that people make, particularly in relation to sales and purchasing. What I realised is that once you understand these principles, you can start buying more consciously.

Where do you learn most of the important things you feel you know about money and finance? Online, specific books, from family members?

I am convinced that learning about money happens through a combination of self-study, talking about money and, above all, really getting to work on it.

What makes you want to help other people better understand money?

We all deserve to take control of our own lives and do those things we want to do. And for that, you need to understand money matters.

Is there one group or community you feel deserves particular support to understand money better? Why them?

Everyone deserves to get the right help and guidance to handle money better. I personally want to focus on people who work hard but still experience a lot of financial stress. By helping to reduce financial stress, I can contribute to increasing people’s well-being.

Is there one book, influencer, academic or other sources of financial education material that you would recommend more than others?

I will be a bit chauvinistic and recommend something in Belgium: the Wikifin Lab, a unique, interactive experience to gain a better understanding of finance. Money matters that visitors learned at school, have been reading in books, did listen to in podcasts are clarified in the Lab in a pleasant way.

Is there one money-related tip you would share more than any others? What is it?

Start today with anything to do with money matters, no matter how small. Why? Because managing your money matters is part of everyday life.

Has there been a single event you can look back at and say that, definitely understanding money and finance led to a much better outcome in your life?

By saving for my first holidays, I realised that being patient and putting money aside can give me access to things I really want.

Last, but definitely not least, do you have a guilty pleasure, something that you spend a little more money on than you think you should, but from which you also derive a lot of joy?

Travel. The budget for travelling adds up quickly, even if you are careful with your money. But discovering new environments, with different cultures and customs is so enriching.

You can connect with Els on LinkedIn. You can also email us at michael@www.maiawards.org.