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Financial trauma is a very real experience for millions, stemming from a variety of causes such as debt, bankruptcy, job loss or sudden financial downturns. These experiences often leave lasting impacts on mental health, contributing to conditions such as anxiety, depression, and chronic stress.
What is financial trauma?
Financial trauma can arise when individuals face distressing financial situations that leave them feeling vulnerable or powerless. Common causes include mounting debt, the emotional aftermath of bankruptcy, job loss, or financial crises that create a lingering fear around money management. These experiences often translate into feelings of shame, guilt, and helplessness, making it difficult to rebuild a positive relationship with finances.
The mental-health impact of financial trauma
When left unresolved, financial trauma can manifest in various mental-health symptoms. Some individuals may avoid financial discussions altogether, while others engage in compulsive spending or experience chronic stress. This cycle can lead to long-term emotional distress and unhealthy behaviours that further complicate financial recovery.
Common signs that someone may be experiencing financial trauma include:
Developing a healthy mindset towards money
African Bank believes that healing from financial trauma is not only possible but essential for improving overall mental health. Reframing one’s mindset towards money is an important step in the recovery journey. Rather than focusing on past mistakes, individuals can start shifting their thoughts towards growth, progress, and long-term financial health.
Here are key strategies for developing a healthier relationship with money:
African Bank remains committed to supporting South Africans on their financial wellness journey. With tools, advice, and compassionate financial products, we aim to help consumers manage their financial health, reduce stress, and focus on their overall wellbeing as best as we possibly can through our various offerings.