September Money News

I have suffered this month from a couple of maladies. One being post holiday blues, a sinking back to school feeling and the other is tech overwhelm. The two may be linked. If you have children at school, you may be having to learn new school systems too and the amount of correspondence through emails and links in those emails that comes from the school is a full time job, in itself!

Add that to working and running your own business being everything from head of marketing to chief in charge of client acquisition, to emptier of bins at home. It is hard work. Need to practice and learn, eat that "tech" frog.

Here is a post I wrote about the tech on Friday.

https://www.dhirubhai.net/posts/julia-shepherd-wealth_no-i-do-not-want-to-have-access-to-another-activity-7245333926192328704-4C38?utm_source=share&utm_medium=member_desktop

The Fintech Gap

There are huge opportunities for us now to take control of our own financial future. The access to information, the access to investment funds, to products bespoke and off the shelf is easier than ever. This should provide everyone opportunities to look after their own financial future and not require the services of an expensive intermediary such as a Financial Adviser. If you are able to use the Fintech, you have access to cheaper products and access to check the progress of those products 24 hours a day. It is also easier to swap and change products to suit your changing situation.

The development of Fintech came about following the Financial (Banks ) crisis of 2008. And while this is brilliant for the tech savvy amongst us, it has created a huge gap between those who can and do access their financials online and those that do not or cannot.

There are 9 million people who fall into the latter category and you can guess which sectors of the population lack the digital skills to engage. Mainly but not exclusively those with disabilities, the elderly, those on a low income. They all have limited access to online banking, meaning they do not know their balance and can stray into the red and get charged, they cannot pay using their mobile devices meaning they have to use an intermediary to buy every day items, this puts the cost up and, they do not get to choose from the huge amounts of financial services that are available at a fraction of the cost of those offered through Wealth Management firms or Banks. Add this to the fact that banks are disappearing from the High Street, and the speed at which the tech changes to stay ahead of fraudsters, these 9 million people are even more vulnerable and less informed than ever before.

There are some schemes to bring the above sectors of our society into the digital age but these sectors of society are often difficult to reach and then may lack the basic tech (access to broadband, a laptop, phone), to engage in the schemes too.

This is concerning to me as a Financial Educator and Coach. As usual the most vulnerable in society are in a situation where it is very difficult to catch up. Money is essential to life in the UK and if these members of our society are unable to access and understand their money, they are likely to struggle with stress and mental ill health.

Cause or Effect - A Poor Relationship with your Money

Do you recognise yourself in any of these

Do you feel anxiety, guilt or fear when you think about or deal with your finances? Are you stressed about them, does it affect your family relationships, your sleep?

Do you overspend despite knowing the consequences, do you undertake retail therapy to make yourself feel better about something and then feel worse?

Do you have too much month at the end of your money? Are you in big amounts of expensive debt?

Do you put off dealing with your money issues, leave statements unread, hide the final demands from your own eyes? Have you no structure or plans for your cash for today and don't want to think about tomorrow?

Do you buy things to impress people? Try to influence them, treat them, splash the cash or do you look over at your neighbours new extension and feel inferior, feel in lack?

Well, you are in excellent company. Not many of us can say no to all of those. I have not met one person yet who has not done serious amounts of inner work who can say "NO! this is not them and never was!"

A human condition.

Would you like to know why we all feel like this sometimes?

The causes are;

1. Surprise, surprise, lack of Financial Literacy. It is scary not knowing how to sort your money to look after yourself and the information is here, there and everywhere? Overwhelming.
2. Conditioning from both society and culture and families. This is a big one, we learn what we see and hear.
3. Trauma. It could be anything. Anyone who has grown up poor relives the trauma of not having money, food and it does affect their relationships.
4. Mindset. Never enough. The Poor Coat I call it, Even those with enough money to live two lives well put on the poor coat.
5. 24 hour sub conscious conditioning through marketing and influencers. It takes a strong person to resist this one.
6. Emotional and Mental ill health. It is also trickier for those with neurodiversity to manage their money to an optimum level.
7. Relationships, coercion or learned helplessness - I hand all the money issues over to....... fill the gap.

Financial Coaching from a Financial Adviser trained and qualified Coach and Educator can help with all of the above, but it is up to the individual, you, to undertake the work. If you are looking to work on your relationship with money, I can help find the causes. It may be one or all of the above and put strategies in place to move forward.

A walk is never a waste of time!

Every second Friday of the Month, I lead a Walk in the Beautiful South Downs National Park for Small business founders and freelancers. It gives us time to connect, boosts our energy levels, reduces stress and anxiety and enhances our creativity and mental clarity. I am a freak of nature, and as the seasons change, it is important for us to get our fresh air and daylight quota when we can. You are more than welcome.

If you would like to join me, the booking link is below.

https://www.eventbrite.co.uk/e/second-friday-netwalking-for-founders-and-freelancers-october-11-tickets-1026783486047?aff=oddtdtcreator

I am a Financial Adviser Qualified Coach and Educator, available for Financial Wellbeing Corporate workshops and one to one or couples’ money coaching.

My why is to create personal financial wellbeing through education and awareness and, to plug the financial advice gap.

My expertise is personal finance, money mindset and wealth creation.

Contact me directly if you want help finding funds for your adventurous trips around the sun