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Your family has helped shape your attitude towards finances whether you realize it or not
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When Wendy Brookhouse gives presentations on financial planning, she likes to ask people to try and recall their first memory of money.
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Many may never have asked this question. And it can seem deeply personal if their memories are that there was never enough money, or that there was conflict every time the topic was brought up.
Brookhouse, a certified financial planner and founder of Black Star Wealth in Halifax, says it’s important for everyone to understand how their parents and those experiences shaped – and continue to influence – their values and outlook on money. .
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“People might not have talked to you about money openly, but they’ve told you about it in the way they’ve talked about it or haven’t talked about it,” says Brookhouse.
Stress often has deep roots
Certified financial planners claim that many of their clients are stressed out about money, whether they are making $ 45,000 or $ 450,000 a year. Even their wealthy clients fear that their bank account balances are still too low or that they are not using their money the right way.
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And it turns out that people honestly experience these anxieties – sorry Mom and Dad, this problem has been attributed to you.
A Meridian Credit Union survey found that 55% of people say their childhood experiences with money still have an impact on them to this day.
And 42% say these early experiences made them feel anxious and worried about money as adults.
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Fortunately for those who want to work at it, that heavy heirloom doesn’t have to be something you wear forever.
Finding the right emotional balance
FP Canada poll shows nearly two in five Canadians identify money as their biggest stressor. And 51% said they lost sleep because of their financial problems.
Financial stress can be deeply emotional. And that can lead to side effects that go way beyond your bank account.
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When living with financial stress, you’re twice as likely to report poor overall health, four times more likely to report sleep problems and headaches, and more likely to have strained personal relationships, data shows compiled by the Financial Protection Agency of Canada.
It can also lead to more serious health problems like heart disease, high blood pressure, depression, and anxiety.
However, an emotional connection to money doesn’t always have to be bad.
“There’s no way to get the emotion out of it,” says Ryan Gubic, certified financial planner and founder of MRG Wealth Management in Calgary.
Gubic emphasizes that money is just a way to get the things you want to do. Anxiety can cripple people. You might know what to do, but it might seem impossible to get there.
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And so Gubic says his clients need to emotionally connect to their financial plans to fully buy into them.
Anxiety doesn’t have to be limiting
As part of its services, Brookhouse offers its clients a Financial Mindset Course. The course helps bring thoughts about money from a subconscious to a conscious level, helping people begin the process of solving their financial problems.
If someone has experienced trauma or their anxiety is much deeper, Brookhouse says she will refer clients to a professional to help them resolve these underlying issues.
Otherwise, many problems can be solved by removing choice from the equation, especially for someone who may freeze in the face of the need to make a choice. By automating the payment of their savings or debts, Brookhouse ensures that its clients are able to achieve their financial goals without having to resolve all their anxieties first.
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“It just takes their hands off… and makes it easier for them,” says Brookhouse.
For his part, Gubic sees financial planning as an ongoing quest. Your income and expenses will change over the course of your life. Therefore, familiarizing yourself with reviewing your plan regularly will ensure that your plan reflects your reality, which will hopefully reduce your overall financial anxiety.
As for those who still feel stress, Gubic urges his anxious clients to remember that there are two spheres of life: the things you can control and the things you cannot.
“Instead of putting your emotional energy, time and resources in a bucket over which you have no control – which a lot of people do – put that time, that energy and [your] emotional resources in the elements over which you have control.
Just making this subtle change can have a significant impact.
“People are generally more relaxed, happier and more confident,” Gubic explains. “And in terms of actual financial planning, you can actually see people making faster progress toward their goals.”
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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