ALARMING STATISTIC
40% OF CANADIANS CONSIDER THEMSELVES FINANCIALLY UNWELL.
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Debt wreaks emotional havoc on our psyche.
The financial strain affects all areas of performance.
Among the adverse effects are low self-esteem and impaired cognitive functioning. This means you can’t learn, remember, be attentive or solve problems while you’re freaking out about money.
Studies show that to get good with money, we need to get good with our feelings. So, therefore, our feelings/emotions drive our financial decisions, both good and bad.
Money is a significant contributor to your health and wellness. As their employer, you can provide an extra value add – Financial Literacy through a different lens. Money is more than just numbers, there is the psychology behind how we live out our money.
AS THE EMPLOYER WHAT THIS MEANS FOR YOU: LOSS OF PRODUCTIVITY AND RISK EXPOSURE!
Let’s talk stats on how financial stress can impact mental health in your workplace. Here’s the WHY:
- The financially unwell spend almost 1/3 more time at work worrying about their finances.
- Almost half say they are distracted at work by financial concerns.
- A recent study showed that 44% of Canadians cannot keep up with their bills and payments.
- 40% of Canadians consider themselves financially unwell, equating to thousands of dollars of lost productivity each year.
- They are 16% less likely to say they are generally productive at work.
- In a health and wellness study, 93% of professional counsellors agreed it directly impacts performance.
- According to another study 500,000 Canadians, miss work in an average week, 30% disability claims and 70% are associated with mental health issues (financial contributors) and illnesses.
- The relationship between finances, stress and mental health demonstrates the importance of an integrated approach.
- In a Forbes article, they indicated that 45% of marriages end in divorce, and financial stress plays a significant role in the deterioration of the relationship.
- Financial wellness is a part of self-care and deserves the utmost attention to detail.
Financial Wholeness: when all aspects of your money are working together for your greatest good, your biggest benefit, and your richest life!
Our relationship with money is complex; there are challenges and opportunities all in which we make a financial decision. This decision affects our feelings and future behaviours. It’s constantly evolving. That is why we need to talk more than just numbers when it comes to our money!
This requires out-of-the-box thinking, brave innovators, game-changers, and corporations willing to lead this movement forward!
Emotionally Connected Men & Women Have Better Finances
Emotions play a huge role & anxiety, and avoidance keeps you in the shame cycle.
These emotions are the ones you need to pay attention to as they tend to override your rational thinking – fear, guilt, shame and envy. For example, my husband experienced envy of others having a better vehicle than him, paired with the embarrassment of having to start financially over since his divorce. He, too, had some entitlement there as he is the primary income earner and wanted to feel better about himself and thought a purchase would do the trick. See, his emotion overtook rational thinking.
I like what Prudy Gourguechon says:
Shame interacts with avoidance to create a vicious cycle. When you are filled with shame, you avoid the conversation entirely as it is uncomfortable. Conversely, avoidance reduces anxiety – hence why so many fall into it, but this sabotages your financial future and leaves you stuck.
Now I have interviewed many men and women regarding money to get a feel for what works and what doesn’t. Many have shared that we all can and have used money to manipulate, control, power, numb, mask and deflect. The list is quite extensive.
We all experience money through four lenses.
- What we were told.
- What we learned.
- What we experienced.
- Most importantly, what we believe to be true or false.
Based on these four lenses, we filter how we view money, life, relationships, communication, you name it. It applies. Some of us have trauma associated with money – go back and read the blog “What Our Parents Didn’t Teach Us About Money. You may find it shocking.
DID YOU KNOW THAT THERE ARE MONEY LANGUAGES?
WHY IS THIS IMPORTANT?
So glad you asked, we each have our very own money stories that were crafted from the four lenses through which we experienced life. This plays out within our relationship with others.
We all communicate differently when it comes to money. Learning what money language, you are allowing you to determine areas in which it has served you well, and awareness of where it can hijack your financial future is key.
It’s about enhancing your overall financial wellness, empowering, equipping, and encouraging you to finish well financially.
IT STARTS WITH UNDERSTANDING THERE IS MORE TO MONEY THAN NUMBERS!
HOW WILL YOU EQUIP YOUR STAFF?
When corporations view people first and align everyone with a purpose-driven business model, profit is sure to follow!
INCLUDE FINANCIAL LITERACY AS PART OF YOUR HEALTH & WELLNESS INITIATIVES.
