Financial Shame: You're Not Alone. Dr. Billy Hensley

Episode 217: NEFE in November. Part 5

Financial shame is one of the most debilitating and personal forms of pressure that an individual can feel. It can prevent people from making critical decisions about their financial future which leaves them feeling hopeless about their ability to ever improve their situation.

While there are certainly personal choices that can contribute to financial shame, it's important to remember that there are also outside forces at play. For example, the way that financial institutions are structured creates a built-in disadvantage for consumers. These companies invest millions of dollars to develop systems that ensure profits continue to flow in ways that best serve them. As a result, people who are struggling to make ends meet often find themselves up against an insurmountable force.

By taking the time to learn about the external factors that may be outside of your control, you can begin to make choices that best serve you. You don't have to like the game but if you don't know the rules, you certainly won't be able to play the game to your advantage.

This month we're celebrating the 30th anniversary of the National Endowment for Financial Education. I've invited some of the staff from NEFE to discuss some of the most recent topics and statistics from polls they have conducted that are impacting the personal finance space.  

In the fifth and final part of our "NEFE in NOVEMBER" Series I welcome back President and CEO of NEFE, Dr. Billy Hensley to discuss Financial Shame and the impact in the personal finance space and how NEFE is proactively shining a much needed light on FinLit and financial education for all.

To learn more about NEFE's article "Understanding Racial Trauma's Impact on Financial Literacy" visit nefe.org.