Rethink Financial Literacy
In the discussion around financial anxiety, there’s a growing realization that financial literacy alone isn’t enough to alleviate the stress. In some cases, increased financial knowledge can actually heighten anxiety as individuals compare their current financial state to where they believe or are told they should be. They experience thought overload with the myriad of products, services, and professionals available to them.
A more holistic approach to financial wellness is needed and it should include not just financial literacy but also education on financial resilience. This means teaching individuals how to navigate stressors and align their financial goals with their personal values. Understanding the role of your experiences and beliefs about money on your behavior coupled with understanding financial products, services, professionals, and how to leverage them for your unique financial needs is a winning approach.