The Root of Financial Fears: A British Perspective
It is often remarked that money is the root of all evil. However, perhaps a less debated assertion, endorsed by therapists, is that "money is the root of a lot of fears". This poignant observation affects individuals across the financial spectrum, even those deemed wealthy.
The Ubiquity of Financial Fears
Regardless of your financial standing, whether you’re barely scraping by or enjoying a bountiful income with a maxed out 401(k), the trepidation of losing it all looms ever present. Vikas Keshri, MSW RSW, clinical director at Bloom Clinical Care Counselling and Therapy Services, articulates that financial insecurity persists even among those who have ascended from poverty through sheer hard work.
Debilitating Debt
Debt, renowned for its ruinous potential, incites fear that multiplies negative emotions, often eclipsing the debt itself. According to Dr. Carolina Estevez, Psy.D., a licensed clinical psychologist at Crestone Wellness, the stigma associated with debt engenders shame and despair. Consequently, individuals might evade financial discussions or neglect bill payments, perceived as insurmountable tasks.
The Desire for Financial Autonomy
Contrarily, some cherish financial autonomy so deeply that the idea of relying on others is profoundly discomforting. Herein lies another fear: losing one’s monetary independence can propel individuals into self-destructive behaviours such as overworking, eschewing essential expenses, or rejecting financial assistance.
Validating Financial Fears
Acknowledging one’s financial fears is imperative. Keshri emphasises the necessity to validate these fears in therapy, recognising them as grounded in genuine experiences. Such fears aren’t mere figments; they are reflections of systemic challenges.
Practical Steps Forward
To address these fears, especially regarding debt, breaking down obligations into manageable steps is vital. Crafting a feasible repayment plan, as Dr. Estevez suggests, helps alleviate the burden while drawing upon both therapeutic support to combat emotional distress and financial advice for pragmatic solutions.
Untangling Self-Worth and Finance
Keshri also underscores helping individuals disentangle their financial anxieties from their self-worth. Many mistakenly equate financial trouble with personal failure, thereby engendering paralyzing shame. Therapy can aid in reframing these perceptions.
Uncovering Deeper Anxieties
Robert Roopa of Counselling Services for York Region notes that therapy reveals underlying truths. Oftentimes, individuals presenting with relationship anxieties discover that these are rooted in deeper fears of financial instability—not immediately apparent.
The Journey to Peaceful Financial Health
Certainly, reaching a place of financial health isn’t about achieving perfection. Instead, it concerns feeling secure and informed in one’s choices. As Estevez wisely puts it, substantial strides can be taken by engaging professional support. Remember, financial health should denote peace, not an aspiration to become Warren Buffett.
For those grappling with these concerns, efforts to build savings and improve financial habits are prudent steps. Nonetheless, perhaps most important is shifting the perspective towards a healthier, more balanced relationship with money.
For more insights, this article initially appeared on GOBankingRates.com: I’m a Psychologist: These Are the Top 3 Financial Fears of My Patients — And How I Treat Them.