During times of immense turmoil and upheaval, financial self-esteem is getting a greater look in because challenging times encourage people to step back and evaluate what is most important to them. Understandably, turbulent times have presented many financial challenges to millions of people and institutions across the globe.
Furthermore, individuals are facing greater financial demands than ever before and their nest eggs may not be as healthy as they once were. Fortunes have been wiped out, homes repossessed, banks have collapsed and low interests rates has meant less capital growth for any savers who still have money left. So how easy is it to have a higher financial self esteem especially during turbulent and challenging times?
What is Financial Self-Esteem?
Financial self esteem is personal perception of financial self worth which is inextricably linked to self-esteem. An individual who feels that the sum of his/her financial wealth is high and so therefore s/he is financially well off is more likely to feel good about themselves unlike someone who does not feel they have much wealth and which negatively impacts self-esteem.
Financial self-esteem is not a buzz word and neither is a “fad” but having greater awareness regarding attitudes towards money is very important because this can positively or negatively impact self worth, confidence, motivation and healthy outlook on life. Most people know money does not buy happiness but it can be the root of many personal challenges due to the lack of understanding and appreciation of the contributory factors leading to higher financial self-esteem.
In many parts of the world, it is hard to get away from the bombardment of stories of wealthy people including details of their fortunes and lifestyles; “rich lists” or “top 100 richest billionaires” and more frequently “ordinary” people becoming rich through work, stardom or other means. The quest for greater fortunes means there is a grave danger in prioritising wealth before personal happiness and greater inner fulfillment.
People with low financial self-esteem find that both financial self worth and self esteem are heavily interdependent and intertwined with one another. If an individual has feelings of low financial self worth then this will lead to lower self esteem because these attributes needs one other to co-exist simultaneously, subsequently impacting behaviours, attitudes and thoughts.
People with higher financial self esteem on the other hand, have a healthy relationship between financial self worth and self-esteem which work independently of another as is humanely possible.
Achieving Higher Financial Self-Esteem
If a person experiences lower financial self esteem on a consistent basis then as a starting point, it is imperative to go back to the root cause to unravel deep seated values and beliefs and attitudes towards financial wealth and self worth. It is also worth looking at past experiences which have led to turmoil in terms of financial worth and self-esteem.
This process entails an exploration of attitudes, beliefs and values towards wealth and self worth and challenging any limiting beliefs which may arise as a result of the exploration process.
Being aware of any “stuck points” when dealing with financial issues is essential because it enables a “top down” and “bottom’s up” analysis of the impact this has on self worth.
Continuous exploration is likely to lead to greater awareness which enables an individual to make informed choices moving forward. This is not a simple process and from an individual perspective it does require honesty, openness, determination and a willingness to accept and be accountable for decisions made in the past and be prepared to take greater ownership for decisions being made in the future.
Higher financial self-esteem is always attainable and for it to be a continuous and fluid process, it is also important to have a healthy perspective towards financial wealth for instance “is the glass half empty or is the glass half full”? Such an approach leads to building a more solid foundation upon which further growth can be built especially during challenging and turbulent times where self worth and self-esteem can co-exist comfortably.
Resources:
- Oliver James. Affluenza. Vermillion, December 2007.
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