For many people, thinking about money, debt, finances and retirement savings may cause blood pressure to rise. According to the 2024 financial stress index, money continues to be the top stressor for Canadians.
The survey also found that anxiety, depression and mental health challenges have a negative impact on the lives of Canadians due to financial stress. However, the same study indicated that more and more people are looking for ways to help themselves get out of the red and/or have a healthier relationship with money.
Inflation, or not making enough money to coincide with the rising cost of living, are real economic stressors. But, how individuals view money can also have a big impact on a person's finances and well-being in general.
That's why financial wellness advocate Lena Keshysheva will be giving a talk for qathet residents on April 2 at Powell River Public Library (PRPL). She wants to share actionable strategies for reducing financial stress and enhancing quality of life and long-term well-being.
Keshysheva, who is based in the qathet region, said she looks at her work as financial therapy, which addresses attitudes and beliefs about money.
"Traditional financial planning focuses on numbers, or basically, cash flow," said Keshysheva. "A healthy cash flow obviously means you are making more money than you're spending."
Keshysheva said many people find themselves stuck because of their beliefs around money.
"I grew up in Soviet Ukraine, where money was tight, and so I had financial anxiety," said Keshysheva. "I was one of those 50 per cent of Canadians who lose sleep over finances; I had more than enough, but I still had anxiety."
This fear drove Keshysheva to work an extreme number of hours, eventually to the brink of a health emergency.
"It was a wake up call for me, because I saw that other people were struggling, too."
Now Keshysheva is on the forefront of a new approach to helping people with their finances.
"I studied at Kansas State University and the Trauma of Money Institute; I'm also a part of the Financial Planning (FP) Canada faculty, where there is a big drive to bring financial wellness to Canada by 2030."
Keshysheva said our hidden money thoughts and beliefs, or what we learn about money from our parents, and from society in general, has an impact on our financial well-being.
"There is something called money avoidance disorder that is quite prevalent in our society," said Keshysheva, “especially in the helping professions."
Studies show that when a person's stress response is always activated, or in fight-or-flight mode, they can't make rational financial decisions.
"Understanding the psychological factors, money experiences, goals, aspirations and values are the next steps to finding more clarity," said Keshysheva. "Is a person's current financial decisions reflective of their goals?"
Keshysheva said every individual has hidden thoughts and behaviours around money that are called scripts.
"Once people become aware of them, their resistance to change is shifted," said Keshysheva. "The next step, of course, is to empower people; we need to increase the level of financial literacy."
Once a person can flip their money script, then they can start making better decisions about finances, she added.
"Quite often, the inability to stick to a budget is because they can't see the future," said Keshysheva. "To give my own example: I want to do so many things, but I only have 24 hours in a day. So, I had to sit down over the last weekend, and I had to break down my personal goals, my financial goals, community goals and family goals."
Keshysheva emphasizes that even a small change can make a big difference.
"When I work with someone [on a financial plan], I try to show them how even putting $500 a month can make an impactful difference in their retirement," said Keshysheva. “In order to keep building a solid financial foundation, and that includes, if you have a spouse, is to make sure they are on the same page.
“Money or disagreements about finances is actually the number one reason for divorce in early marriage. If you don't foster that sense of trust and communication, you don't build the relationship."
A Statistics Canada report stated that one in four Canadians are unable to cover an unexpected expense of $500.
"This is where we [financial planners] break down peoples’ budgets and see how much they have per month to save and how much they need to save," said Keshysheva. "A plan will give you clarity to stay motivated and to focus on your own goals and not what other people want you to do."
Keshysheva said her talk at the library will lay out five practical and actionable strategies anyone from any background can use to improve their financial well-being.
"We all have what it takes to be successful," said Keshysheva. "We just need the right approach to be able to harness our power; choose the community that you want to belong to and choose people in the community who will support and uplift you."
The talk begins at 5 pm.
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