7/12/22-Money is emotional — but personal finance advice rarely accounts for that
- July 12 2022
- By: info@njcfe.org
- 0 Comment
Money is emotional — but personal finance advice rarely accounts for that
Budgeting tips won’t get you very far if you don’t address the elephant in the room.
June 6, 2022 | vox.com
Financial literacy — the ability to understand how money works in your life — is considered the secret to taking control of your finances. Knowledge is power, as the saying goes, but information alone doesn’t lead to transformation.
In putting financial literacy above all else, many in the personal finance industry have decided that repeating the same facts about how much money folks should have in their emergency savings account will, somehow, change people’s money habits. This approach doesn’t account for our human side: the parts of us that crave connection, new experiences, and fitting in as members of our communities. Most of our decisions around money are emotional; no amount of nitty-gritty knowledge about interest rates will change that.