How to Money Why Money Decisions Feel Rigged w/ John Campbell #1118
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Mar 25, 2026 
John Campbell, Harvard economics professor and author of Fixed, explains how financial systems often favor firms over ordinary people. He discusses complexity, harmful bundled products, hidden costs that hit the less savvy, and promising fixes like simpler standard products, better retirement defaults, and design-focused regulation.
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Systematic Complexity Creates A Rigged Market
- The finance system is systematically rigged against less sophisticated and poorer people.
- Complexity and mistakes create a vicious cycle where firms profit by making products harder to compare, which in turn produces more consumer mistakes.
Hidden Transfers Favor The Savvy
- Financial products often hide transfers from the less savvy to the more savvy, worsening inequality.
- Examples include overdraft fees subsidizing free checking and refinancing benefits accruing to wealthier, better-informed borrowers.
Always Shop For Financial Rates And Terms
- Shop around for financial products instead of accepting the first offer, because many people avoid shopping and pay significantly more.
- Joel and John note mortgages and checking accounts as areas where one extra quote or switching banks can save substantial money.
