Forbes magazine stated that the family plays a pivotal role in shaping the relationship of individuals with money, as this relationship is affected by the patterns of financial behavior inherited across generations.
The report, which is based on the research of university professor Shane Innet, on financial well -being, shows that each person has a “financial person” determined according to the method of interacting with the money, which is directly affected by family raising and childhood experiences.
The three dimensions of the relationship with money
According to the study, there are three main dimensions that constitute our relationship with money:
- Acquisition (a): Individuals who belong to this dimension tend to consider money a collectable commodity, as they see wealth as a goal in itself. The negative aspect of this pattern is the possibility of switching into an obsession with wealth or vice versa, that is, a complete rejection of gaining money as a source of corruption.
- Use (u): These people see money to enjoy life, as they link its value to its ability to provide pleasure and comfort. However, some may become addicted to spending, while others tend to excessive austerity for fear of the future.
- Management (m)The owners of this pattern consider money a responsibility that requires careful planning. But in some cases, it may turn into an excessive obsession with spending, which negatively affects personal relationships.
How does the family affect our relationship with money?
The report indicates that family experiences play a major role in determining the “financial personality” for each individual, for example, if one of the parents depends on money as a reward for good behavior, the child may later adopt the same pattern in his adult life.
To accurately analyze these effects, the Financial Therapiation Association has developed a tool called Money Genogram, a model used to determine financial patterns within the family.
This tool includes:
- Draw a family tree.
- Family classification according to the three dimensions of the relationship with money (A, U, M).
- Determine whether the financial behavior of each individual is healthy (+) or unhealthy (-).
For example, if a person arises in a family that is used to excessive spending, he may have a strong tendency to follow the same pattern, or exactly the opposite, as it becomes an exaggerated economy as a psychological reaction.
Lessons for the analysis of the relationship with money
The report emphasizes the importance of understanding the dimensions of the relationship with money, as this can help individuals to improve their financial management and enhance their economic stability, as it recommends the necessity of using analytical tools such as the financial genome scheme to understand family patterns, and identify behaviors that need modification.
In conclusion, Shane Innet notes that “the relationship with money is not just an economic issue, but rather is part of our psychological and social identity that is formed across generations,” calling for a review of the family’s impact on personal financial decisions to ensure a balanced financial well -being achieved.
