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  • Writer's pictureVictoria Wallis-Smith

You’ve read the books – so why do you still suck at money?

In a world where we have access to more financial information than ever before, it's ironic that many of us are stressed and struggle with our finances.

Financial stress. Financial wellbeing. Financial education. Money Coach. Nutshell Money. Victoria Wallis-Smith. Paycehck to Purpose.

The OG approach to improving financial literacy of picking up a how-to book or reading a blog, just isn't cutting it.

"The definition of insanity is doing something over and over again and expecting a different result." Albert Einstein

So why is it that this ‘traditional’ method falls short and more importantly, what can we do to bridge the gap between financial mismanagement and financial empowerment?

One-size fits none

The traditional approach tends to fall into “one size fits all” and doesn't consider where an individual sits on the spectrum of financial literacy, their priorities, or their financial background.

It tends to be theoretical – a step 1,2,3 to budgeting – but leaves you without the practical skills to apply the knowledge in the real world.

When was the last time you improved at something by just picking up a book?

Think about how your kids are taught at school – when a kid is struggling with maths, the teacher doesn’t just give them another textbook to magically solve the problem.

The complexity conundrum

Finance has evolved into a labyrinth of complex terminology, regulations, and services – when they coined the term ‘concessional superannuation contribution’ were they trying to alienate people?

Sadly, needing to negotiate an overly complex system has left many competent people confused, frustrated, and disengaged.

We need to make money simple with adaptable financial education that is built on learning through interaction and engaging, by being relevant to our lives.

Ignoring behavioural bias

Traditional financial education often assumes that people are rational decision-makers.

But money is emotional, and with that we bring behavioural biases like impulsivity – heard the term ‘buy now pay later’?

Understanding and addressing these biases is essential for better financial decision-making.

We need to shift our focus from the nuts and bolts and short-term budgeting skills to the broader topic of better money management – encompassing the emotional side with goals that truly speak to our purpose.

The tech tsunami

Is tech the answer? Or is it just another budgeting tool on steroids?

How we manage our finances is important but the why is even more so.

Traditional financial education struggles to bridge the gap between the how and the why.

In the same way that education teaches our kids to be lifelong learners, we need a financial education approach that is centered on purpose and recognising that the tech tsunami (and complexity conundrum) will be an ongoing factor.

Time for a rethink

So, what's the solution? It's time to rethink how we approach financial literacy.

Managing money requires more than just being good with numbers. And knowledge alone is not enough.

We need personalised, engaging, and practical education that considers the individual, acknowledges the complexity of the financial world, and addresses the behavioural aspects of financial decision-making with financial education accessible to everyone.

It’s time for money management to be seen as a fundamental skill that empowers us to make informed financial choices.

It's time to leave behind the traditional approach and embrace a new era of financial education that truly equips us for the financial challenges and opportunities of today and tomorrow.

Financial wellbeing for your workplace

In the workplace we engage with personal development programs – time management, leadership, team building – to better support our teams.

With financial stress negatively impacting employee productivity and absenteeism, isn’t it time for financial wellbeing to be at the core of personal development?

The good news is that financial stress can be reduced by increasing financial capability – learning how to better manage your money.

At Nutshell Money, we provide financial education backed by practical tools, to build a positive relationship with money, empowering financial change.

Financial workshops or one-on-one sessions for your team – delivered by an experienced money coach – can boost morale and work satisfaction, increasing productivity and reducing turnover.

If you’d like to provide financial education for your team, get in touch with Victoria Wallis-Smith to discuss how Nutshell Money can provide the support you need.


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