In this episode, we’re joined by Gemma Dale, Director of SMSFs and Investor Behaviour at NAB Trade, to explore how everyday investors actually behave when markets are under pressure and why many of the assumptions about “dumb money” are wrong.

Gemma shares her personal journey into finance, from her early days in financial planning to working closely with self-directed investors at scale. Along the way, she reflects on some of the most confronting retirement scenarios she’s witnessed, how early decisions compound over decades and why investor education matters more than ever.

We also get a lighter glimpse into Gemma’s life outside markets, from parenting future investors to Pokémon cards, Yellow Pages nostalgia, and the challenge of teaching money concepts early.

What you’ll learn:

1. Why retail investors surprised everyone during the COVID market crash
2. How ETFs removed decision anxiety and reshaped long-term investing behaviour
3. The most common retirement planning mistakes that can’t be fixed later
4. Why time in the market still matters, but timing isn’t irrelevant
5. How investor access, data, and technology have changed markets permanently

Timestamps:

00:00 - Intro

01:38 - Gemma’s early career in financial planning

05:10 - The retirement scenarios that still stand out

10:53 - From Queensland to finance leadership

14:21 - Yellow Pages, brokers, and investing “back then”

17:34 - How access and information changed investing

21:50 - COVID, buy-the-dip behaviour, and retail investors

25:33 - Why ETFs resonate with new investors

30:56 - Active vs passive investing

35:10 - Teaching kids about money (Pokémon included)

40:24 - Rapid fire questions

Follow the National Stock Exchange of Australia on LinkedIn and subscribe so you don’t miss the next episode. If you invest, work with investors, or care about how market behaviour is changing, share this one with someone who still believes retail always panics.