7 Reasons Why Money Is an Emotional Topic
Money is far more than a means of exchange; it’s a deeply emotional subject that has the power to shape our lives in profound ways. Here’s a closer look at the link between money and emotion…
At face value, money may seem “just transactional”. But it can evoke emotional responses that influence our thinking, decision-making and relationships.
Here are some reasons why:
1. Security and stability
For many, money represents security and stability. The feeling of financial security can offer immense relief and comfort, while the fear of financial instability can result in deep-seated anxiety and stress. Our sense of security is closely tied to our financial situation, making money a constant source of concern on an emotional level.
2. Identity and self-worth
Because wealth and financial success are often equated with personal achievement and value in society, money may be seen as the only measure of individual worth. This means financial struggles can lead to feelings of inadequacy or failure, which can have an effect on your sense of self-worth and identity.
3. Social comparison
Measuring our worth in terms of financial status and material possessions fuels social comparison. Comparing ourselves to others leads to feelings of envy, jealousy, inferiority or superiority. In addition, the pressure to keep up with societal expectations can lead to a drive to pursue wealth at any cost.
4. Power and control
Money is synonymous with power and control. Those who possess wealth often wield greater influence in society and enjoy more autonomy, while those lacking financial resources may feel powerless and without options. Building up financial reserves can represent a means to having choices, but can also become a way of trying to control destiny.
5. Family dynamics
Money plays a central role in family dynamics. Inheritances, financial support and generational wealth can stir up complex emotions and have a long-lasting impact on family relationships. Disputes over money can lead to resentments that endure for generations, or sever ties completely.
6. Fear of loss
The fear of losing money can be as powerful as the desire for gain. Loss aversion, a psychological phenomenon where avoiding losses is prioritized over acquiring gains, can drive irrational financial decisions. The thought of losing hard-earned money can trigger fear, leading to risk aversion and a reluctance to act or take any chances.
7. Dreams and aspirations
Money, dreams and aspirations are often intertwined. Whether it’s buying a home, travelling the world or pursuing a passion, financial resources enable us to achieve our goals. The inability to afford our dreams can lead to feelings of disappointment and frustration, while the pursuit of wealth can become a lifelong quest for fulfillment.
Mastering our relationship with money
From security and self-worth to power and control, our relationship with money is a complex interplay of emotions and desires. Understanding the emotional underpinnings of money can help us navigate its complexities with greater awareness and resilience. If money brings up strong emotions for you – whether anxiety, shame, or longing – know that you’re not alone. These feelings are valid, and they often reflect deeper needs and life experiences. Being gentle with yourself as you explore your financial story is a powerful first step!
What is your relationship with money and how do you see that influencing your behaviour? Feel free to share in the comment section below.
PHOTO: Cottonbro Studio/Pexels
