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StitcherEver wonder why you can’t break certain money habits, like impulse buying, constantly overspending, or even depriving yourself too much, even when you know it’s not great for your finances? Maybe it’s time to ask your inner child. In this episode, Jen and Jill take a trip down memory lane and explore how our childhood experiences may still be influencing the way we manage (or mismanage) money today.
What you caught is significantly going to influence your attitude towards money
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Check out some relevant episodes
How Childhood Shapes Your Money Mindset
This article by Tanya Rolfe explores how your childhood may have impacted how you approach money and the behaviors you might have to overcome to maintain better financial wellness.
What Jen + Jill have to say:
Jill points out that a lot of our basic money habits are formed by the age of seven, with research from the University of Cambridge showing that our money mindset is largely set during these early years.
She points out how parental attitudes toward money, childhood financial stability (real or perceived), and emotional connections to money all play a major role in shaping these habits. It is also important to reflect on how parents handle spending and saving, whether there was a sense of security or fear of running out, and how money was tied to stress or conflict because these are issues that can lead to either overspending or becoming overly frugal.
Money Conversations (or Lack Thereof)
Jen delves into how communication about money impacts those early money habits, noting that many parents feel uncomfortable or unprepared to teach money management, or assume it’s something kids will learn in school. She highlights how whether money was openly discussed or treated as a taboo topic at home can have a lasting effect on how we handle finances as adults.
Jen also stresses the importance of early, hands-on experiences with money—like earning allowances or having opportunities to manage money on your own—in shaping financial habits. Since so much of our money mindset is set by the age of seven, looking back at these early experiences can help us understand where our money habits really come from.
What 7-year-old money habits do you still see pop up in your adult spending today?
Jill grew up not talking much about money, so she learned to stuff things away, even food, and still does today. For Jen, because her parents didn’t budget, she developed an aversion to budgeting, finding it restrictive.
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Thanks so Much for Listening!
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Gentle guidance instead of “finance shouting”
This podcast is the perfect chaser after an intense listen to other financial advice podcasts that tend to be prescriptive and intense. I listen to this weekly to help me keep a steady pace towards my goals. As someone who has used shopping to cure boredom, this is almost like a daily vitamin that boosts my resolve to stay true to what I value and resist spending that doesn’t serve me. A great companion in addition to shows like Choose FI and Money Guy!
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