She Strengthens

The Importance of Empathy in Financial Conversations

When it comes to discussing money, it’s essential to start with empathy and perspective. Often, we focus on individual success stories or failures, without considering the broader context. We need to acknowledge our own privileges and biases to have a meaningful conversation about finance.

The Limitations of One-Size-Fits-All Financial Plans

A single, universal financial plan cannot cater to everyone’s needs. People’s financial situations, backgrounds, and literacy levels vary greatly. Even if individuals have similar financial numbers on the surface, their experiences and perspectives differ significantly.

Growing Up Poor vs. Growing Up Wealthy

Growing up in poverty can shape one’s approach to money, even if they become financially comfortable later in life. Conversely, growing up wealthy can make it challenging to understand what is “normal” for others. This lack of empathy can lead to a moral or ethical value being assigned to experiences that were simply a result of access.

Unconscious Bias and Financial Privilege

We often unconsciously assign value to experiences that were available to us due to our financial privilege. For example, traveling internationally, attending elite schools, or having access to unpaid internships can be seen as culturally enriching or intellectually superior. However, these experiences are only available to those with the means to afford them.

Breaking Down Financial Barriers

To better understand financial privilege, I asked individuals who grew up wealthy to share their experiences. Here are their stories:

Realizations About Financial Privilege

• Olivia realized that being able to change schools was a luxury not available to everyone.
• Stina discovered that having a cleaning service was not the norm.
• Carrie learned that paying car payments or leases was a common experience for many.
• Conni understood that her family’s upper-middle-class income was not representative of the majority.
• Laci realized that traveling was a luxury not available to everyone.
• Patrick recognized that having a car and being able to afford its maintenance was a privilege.
• Jason understood that having access to a college education was not a given for many.
• Alison realized that having proper etiquette and speech patterns was an advantage in the job market.
• Leena learned that having financial freedom and access to luxury brands was not the norm.
• Melanie understood that high-quality clothes were a luxury not available to everyone.
• Bee realized that having a stay-at-home mom was a privilege not available to many.

The Importance of Empathy in Financial Conversations

These stories highlight the importance of empathy and understanding in financial conversations. By acknowledging our own biases and privileges, we can have more meaningful discussions about money and work towards a more inclusive financial landscape.