In my school I had one period for moral science class once in a week. Mostly our teachers used to teach the moral stories and lessons involved around fair distribution of money and wealth, negative aspects of greed and so on.
Now fifty golden years had gone by. Today, I hear and read more about the psychological anxiety associated with money and wealth. It has become headline news. Financial advice is no more linked to your income, spending pattern and so on but it is very much associated with your psychology.
A recent advertisement jingle that caught my closest attention reads like this:”Dream.Plan.Act. Your dreams are not yours alone. Your time starts now.” In simple mans’ language the advertisement plainly invites you to open an account and save with them. It is very nice to read the advice message directly. At the same time I also read (click here) an interesting article in Wall Street Journal highlighting the growing importance of Financial Therapy. That is, how to cope up with money anxiety and stress.
For a moment I was quizzing to myself what it is about all. One is financial advice and another is about human behavioral psychology. I got amazed to read and appreciate the psychological definition in respect to one’s relationship with money and wealth.
I asked to myself repeatedly are money matters continued to be a taboo subject in our society. You don’t quite know what to expect when you put the trickiest question on your relationship with money to yourself as also to any one closer to you.
Your relationship with your money may be many things like: profits, losses, excess wealth, under spending, overspending, serial borrowing, financial infidelity, workaholism, financial incest, hoarding, financial dependency, using multiple credit cards and home shopping addictions, borrowing money for second house, second car, home decoration and the list is end less. Now one’s incomes are not associated with what his worth is and at the same time one’s expenditure too. It has become a sailors knot. Beyond the normal comprehension of a person.
In the context of growing double income, globalization of jobs, craze to chase for luxurious style of living, throwing parties, resorting to expensive dinning and the new rule book of bank lending for housing and consumer durables and the mad market rush by credit card marketing institutions and the dream of shopping in expensive malls, the spending net is widening. Undoubtedly neon appeal is growing stronger day by day. It has also brought some stress and anxiety too which is difficult to manage.
No one can deny the fact that money related stress and anxiety is slowly becoming the top of your life’s’ agenda, Whether it is spending for marriage, buying a house or marking a budget for holidays, shopping, education, medication or enabling to help elders or others near and dear to you.
You will certainly agree with me that given the present day environment money and finances are beyond your salary, bank account, EMIs, tax savings, pension, insurance and investments in movable and in immovable assets. It has become more of a psychological commodity.
Money, income, asset or wealth is no more an economic factor but largely emerging as emotional, behavioral and, spiritual components of a person as a whole. I am not sure who said that life shouldn’t be printed on dollar bills.
The moot question is does financial education trump psychology? I am not a qualified psychologist to talk in detail. What is alarming is the STRESS factors associated with money and wealth chasing or distributing it among the family members.
Therefore it is time to examine your emotional roots of your relationship with money. It is getting very complicated paving the way for the new science of financial therapy. Increasingly financial psychologists and therapists are coming to forefront. Moreover the need is felt very much. Financial advisors are plenty today but financial therapists are very few. A blend of the two is required to obtain one’s optimum in financial goals.
Therefore the questions are not about how does money make you feel and seek for raw number oriented financial advice? But one should think in terms of: Is it time to consider financial therapy?