Financial psychotherapist Vicky Reynal explains how childhood experiences can influence our relationship with money and spending habits. She discusses how feelings of security or neglect during childhood can lead to different money behaviors.
Your relationship with money might seem random, but one expert says it offers clues about your childhood — and understanding this could help overcome toxic spending habits. Vicky Reynal, a financial psychotherapist and author of'Money on Your Mind,' told CNBC Make It that there are psychological reasons behind our spending habits, and many of these attitudes stem from childhood experiences.
For example, someone who felt secure during childhood might feel that they deserve good things, and later in life may be more likely to negotiate a higher salary or enjoy the money they have, Reynal said. Whereas someone who experienced childhood neglect may grow up with low self-esteem and act this out through money behaviors.This could include feeling guilty when spending money because they don't feel they deserve good things, or splashing the cash to impress because they feel unworthy of attention. 'The little toddler that goes up to their parents to show them their scribble — how they get responded to will give them a message about how the world will respond to them,' Reynal added.Reynal said'the money lessons we learn growing up' are largely shaped by whether we grew up in an environment of scarcity or wealth. 'To give you an example, growing up in scarcity, people that manage to move themselves out of that economic reality, and maybe in their own adult life manage to accumulate quite a bit of wealth, it's quite common for them to struggle with what they call the scarcity mindset,' Reynal said. This is a pattern of thinking that fixates on the idea that you don't have enough of something, like money. A scarcity mindset means someone might struggle to enjoy the money they've earned and be anxious about spending it, Reynal added. Alternatively, there are people who grew up with little but became wealthy, and are now very careless with mone
FINANCE CHILDHOOD SPENDING HABITS MENTAL HEALTH SCARCITY MINDSET
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