Rob Carrick speaks with personal finance expert Jessica Moorhouse about her new book and the emotions that drive money behaviour
Can we agree that telling people to spend less and save/invest more isn’t enough to create better money habits? Many people know what to do, but for a variety of reasons they can’t get there. Personal finance expert Jessica Moorhouse looks into some of those reasons in her new book,Q: Jessica, let me start by giving you an opportunity to introduce yourself to readers who don’t already know you
As a financial counsellor, what I started noticing early on was that most people’s struggles with money aren’t actually about money. They’re about everything but money . There are a ton of internal and external barriers, including trauma, attachment style, human behaviour and unjust social systems that are holding people back from achieving financial freedom. Yet these barriers are often invisible to the naked eye or ignored in mainstream financial advice.
My book helps readers discover where this feeling of shame comes from so they can learn how to detach it from their money. After all, your self-worth shouldn’t be determined by how much you earn or how much money you have . You are more than your money, and that’s one of the biggest takeaways I hope to leave readers with.
Q: You talk in the book about trauma and how it can influence feelings about money. It got me thinking that, more than I’ve ever seen before, there’s a divide between people who are financially thriving and those who are struggling with the high cost of living. How traumatizing is it to live through a period where you may not be able to buy all the food you need and pay the mortgage?
A: I love that there are more voices in the personal finance space now compared to when I got started in my 20s. But you can’t forget, these voices still exist in a bubble. The majority of Canadians have no idea about things like FinTok and aren’t running to the bookstore to grab the latest personal finance book. In most circles, money is still taboo and only discussed in hushed voices.
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