This podcast episode discusses the financial challenges that individuals may face when working in helping fields even if they come from privileged backgrounds and have little to no debt after graduating. The stigma around discussing financial struggles is also explored.
The emotional consequences of under-earning need to be addressed when it comes to financial advice rather than just telling people to cut out frivolous expenses such as lattes or avocado toast. Under-earning and financial stress can also heavily impact mental and emotional wellbeing, which in turn can impact other areas of life.
Many young adults experience financial anxiety and money shame despite having a stable job and income, which can stem from past experiences of earning less or cultural influences.
Financial anxiety can manifest when a person checks their paycheck or accounts, leading to a sense of anxiety or fear. Perfectionism with financial anxiety often involves excessive research and the avoidance of dealing with one's finances.
The physical sensation of financial anxiety often leads to compensatory habits such as perfectionism or procrastination. By learning to tolerate manageable discomfort and letting go of the need for perfection, individuals can reduce their financial anxiety and stress.