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The Financial Therapy Podcast - It's Not Just About The Money
#7 - Teaching Financial Literacy – Timing Is Everything
Jun 15, 2021
Explore the difficulties of teaching financial literacy and why traditional methods may not be effective. Learn the importance of financial literacy, starting at a young age. Discover the necessity of having an emergency fund and teaching financial literacy to children. Understand the importance of allowing kids to make money mistakes. Uncover obstacles and resistance that impede financial progress through financial therapy.
25:05
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Quick takeaways
- Emotional components and deeply ingrained beliefs and behaviors around money need to be addressed in order to make better financial decisions.
- Budgeting, cash flow management, good credit, and emergency funds are crucial aspects often overlooked in financial literacy discussions.
Deep dives
Financial literacy is not enough to improve money decisions
The podcast discusses the importance of going beyond financial literacy in order to make better money decisions. Research shows that most financial decisions are made emotionally, not logically. Merely providing more information about handling money through financial literacy programs is not enough to achieve positive results. Instead, the episode highlights the need to address the emotional components and deeply ingrained beliefs and behaviors around money. By working through these emotional wounds and changing our thoughts, feelings, and beliefs about money, we can create a foundation that allows us to engage with financial information effectively and make better financial decisions.
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