ARE YOU BEING AFFECTED BY THE MONEY SHAME CULTURE?
Money shame also known as financial shame is the feeling of shame for having either too much or too little money.
We live in a culture where money influences most outcomes of our life affairs. This is why the money we have is taken to be what we are worth.
This perception has created tension, unease and shame in the life of most young people trying to earn money or have money compatibility.
In case you’re wondering…yes we can all have a relationship with money. It can be good or bad, depending on your compatibility.
Money shame sets in when people feel uneasy or are embarrassed about disclosing their money. This is with regards to what they can afford to spend or what they earn.
Money shame can be caused by guilt, inadequacy or embarrassment because of having little or too much.
Young people are more prone to money shaming. Social media is being cited as one major reason why everyone is keeping up with the Joneses. Everyone seems to want to look like they’re making it. This has fueled the youth’s irresponsible financial decisions and affected their compatibility with money.
So how do you know you are suffering from money shame?
1. You avoid looking at your bills and bank statements.
2. You avoid money confrontations and money conversations
3. You are always living beyond your means (and justifying it).
Financially literacy is not taught in schools, and while we are told to work hard to get good jobs in the future, the school system fails to explain what financial issues will affect our lives and how money can be handled.
The core problem of most money shaming testimonials is a lack of financial literacy. This is what builds confidence to have constructibe money conversations.
Effects of money shaming
1. Money shame can become an emotional thing.
You may end up making financial decisions to offset the unease that comes with money shaming. Emotions that drive financial decisions often lead to regret and financial distress.
2. It feels like you with the fear of lending or borrowing money.
Money shame can make you fear lending money. It can also make borrowing feel like a crime to you.
Loaning people money makes you imagine defaulting or feel guilty that you are borrowing money that you should have.
3. Fear of becoming successful
Money shame can make you uncomfortable with being successful; you fear being seen to have too much. This makes you scared of out-earning the most important people in your life.
Subsequently, money shame might make you feel like you have to succeed at all costs making you overlook many things.
4. Fear of Saving money.
How to overcome money shame
- Get Knowledge above everything, get financial literacy. Financial Education is one among, getting to know how your money works are important.
- Speaking to a Financial therapist or financial psychologist about financial management and your relationship with money can help you overcome issues you’re having with financial shame.
2. Change the way you think and feel about money. Changing your perception about money by taking note of how you feel. Identify what triggers that feeling and when you spiral into shame.
3. Take small steps towards embracing your financial success and getting comfortable making more money.