Why we ask you about your money memories
Chris Broome – Chartered Financial Planner
Money memories are the experiences, emotions, and beliefs that people have about money.
At Longhurst we will always ask you about your earliest money memories, from childhood, and how those beliefs have followed you into adulthood.
Our article today discussing why these money memory discussions are important.
1. They shape financial behaviour: Money memories can shape a person’s financial behaviour and decision-making. For example, if someone has a money memory of being denied credit as a child, they may be more hesitant to take on debt as an adult.
2. They influence financial attitudes: Money memories can influence a person’s attitudes towards money. For example, if someone has a money memory of their parents constantly fighting over money, they may have a negative attitude towards money and see it as a source of conflict.
3. They affect financial goals: Money memories can affect a person’s financial goals. For example, if someone has a money memory of growing up in poverty, they may have a strong financial goal of achieving financial security.
4. They can be passed down from generation to generation: Money memories can be passed down from generation to generation, and can shape the financial behaviour and attitudes of future generations.
5. They can be overcome: Money memories can be overcome, by understanding the root cause of the memory, and addressing the underlying emotions and beliefs.
6. They can help to identify financial patterns: Money memories can help to identify patterns in a person’s financial behaviour, and help them to understand why they make certain financial decisions.
7. They can inform financial therapy: Money memories can be used as part of financial therapy to help people understand their relationship with money and make positive changes to their financial behaviour.
Overall, money memories are important because they shape a person’s financial behaviour, influence their attitudes towards money, and affect their financial goals.
Understanding and addressing money memories can help people to make positive changes to their financial behaviour and achieve their financial goals.
If you have any questions about any of the above, or wish to discuss your long-term financial plans with us, please get in touch. Contact us