We are aware that maintaining our physical and mental health is crucial to living nicely. However, Ellie Austin-Williams, a fiscal tutor and co-host of the podcast Money Unfiltered, contends that money is something we’re overlooking. Austin Williams encourages us to see fiscal health as a “key piece of well-being” in her most recent book, Money Talks: A Life Guide for Financial Well-Being.
She tells Shondaland, “It affects virtually every aspect of our lives, but we’re not still thinking about it in that means.” We’re certainly focusing on it much.
Austin-Williams, a young, targets her information at younger people, particularly women, who she believes have been left out of the conversation about financial literacy and who have different situation to take into account when it comes to making funds and saving for the future. She just spoke with Shondaland about the special difficulties millennials face when dealing with cash, how social media is influencing our spending habits, and what’s at risk when we keep our financial situation a secret.
HOPE REESE: As you write, cash makes you anxious. How would you suggest that someone who is experiencing economic stress consider their entire situation?
There is a sensible side and then there is the emotional side, says ELLIE AUSTIN- WILLIAMS. The simple part is always the practical part. There is a ton of information available. However, even if you follow the exercise of that properly, you may end up hitting a brick wall over and over again emotionally unless you really dig down into what’s going on with money and why you’re acting the way you do with it.
You must therefore begin by enquiring, “How do I truly feel about money?” What triggers your thoughts about income? How do you feel after saving? How do you feel about saving money? How does it feel to have a bill for which you weren’t ready? If you experience strain, is it because you lack the funds to do so or because your financial situation has recently been worse and you continue to harbor that fear? Or perhaps you remember how stressing out about charges was when you were younger. Even though you are in a very different scenario now, are you still carrying that with you into age?
It has to do with being aware of your feelings regarding income. Because once you become aware of how you feel about money and how your financial decisions are affecting you, you can begin to comprehend and analyze them. If there are any that are ineffective, you can begin to concern them. Then you can begin to accept strategies for altering any of these ideas or emotions regarding money.
Personnel: Can you explain why you wrote the kind of text you believed was missing?
EA: I began working as a lawyer in my first 20s. I practiced commercial law for a few years before I began to make an adequate amount of money. I was working really hard, so I wanted to know what wise judgments I may make with my money while also having fun. I spent a lot of time studying to get to that point, but all I discovered was either severe or extreme. It was basically telling me that I needed to be extremely rigid, save everything, cut my budget in half, and spend my money for the future. Or perhaps it was “You only have one life.” Don’t consider it. Nothing was in the center. Additionally, everyone had a strong adult focus. That was not really speaking to women and the special life events that a lot of people experience, especially when it came to spending, investing, and planning for the future economically.
What special financial decisions do people produce, then?
EA: The way the work is still organized is primarily male-focused. It’s hardly surprising because, compared to the history of men working, the amount of time that people have worked in history is actually fairly small.
People are much more willing to put themselves ahead for jobs that they may not be fully qualified to complete, according to studies, when discussing advancement, discussing your accomplishments, asking for more money, and writing a résumé. Before putting themselves forward for an opportunity, women are typically more cautious and want to experience extremely comfortable. In the workplace, all of these various things build up, making it frequently harder for women to proclaim themselves and expand.
HR: Your attention shifts from how to save money and become financially educated to learning to accumulate wealth, advance your career, and bargain. How to really lay the economic groundwork from scratch.
Ais: Without a doubt. When it comes to saving wealth, I think you can budget yourself to the hilt and come up with the most comprehensive strategy, but there is a cap on how much you will eventually be able to save. However, there is n’t really a cap on how much you can increase your wealth. It goes without saying that there are practical constraints you must adhere to, such as your income and available disposable income. However, in principle, anyone can get a small sum of money and invest it in their income, retirement accounts, or stock account. Alternatively, you can learn how to bargain and present your case for higher pay. Alternately, if you’re switching jobs, you can confidently apply for a higher position and discuss your compensation package there. There is no real cap on how far you can go in those situations.
HR: What particular financial difficulties do young ladies currently face at this time?
EA: The culture we have grown up in, leaving college and entering early adulthood during a financial crises, is becoming the biggest problem facing millennials and Gen Z more and more. In essence, we’ve experienced one financial catastrophe after another. The most recent is undoubtedly the post-pandemic cost of living and the consequences from higher prices, both of which we are still very much experiencing.
That puts a lot of pressure on people who are just starting out in their careers, haven’t built up any wealth, and are typically all Gen Z and millennials. We are making every effort to save money for the future in order to be able to buy a home and start families, among other important economic goals. However, it is much more difficult due to the high cost of living. Then you add that house prices, which has actually lost its appeal over the past 20 or 30 years, when many members of our parents’ era and the generation before them were able to purchase homes with a relatively normal income and four-time income borrowing power. That is now ridiculous. Now, in order to get on the property ladder, you need a lot of money, which isn’t really sensible to save in the recent environment. This has financial repercussions throughout your entire life. It affects your capacity to save for additional expenses, such as a home, retirement, or marriage.
Because there is an assumption when a lot of people are looking at retirement that they are mortgage- or rent-free, it causes fiscal burdens for many people. Many of us youngsters will reach retirement age and still have accommodation expenses that we must manage.
Personnel: You’ve talked to a lot of people in their 20s and 30s about what’s making them anxious about wealth. What are the most important insights?
Ep: There is a stark contrast between the number of people who experience stress, with many young women experiencing stress over money, and the amount of money that is still spent on occasions like weddings and celebrations. As I worry about how I’ll be able to pay my bills, there is a genuine kind of balancing act that individuals are trying to keep up with. My best friend wants to take a wedding to the Island, you know. It’s a true issue that these objectives keep coming up over and over again.
There are still many people who have come out of that and want to do everything on a huge scale, which is particularly notable post-pandemic because it is obvious that we couldn’t have parties or big celebrations.
Having a home is the other important thing. They may or may not be in a marriage, but they are contemplating this. However, they are terrified of a child’s economic effects.
Childcare is absurdly cheap, but so is their professional life. As a result, many people take pride in their careers, enjoy their jobs, and depend on their money to support themselves. They are concerned about how having a baby may affect their career path.
HR: Now, social media has made it possible to want to keep up with our contemporaries. What effect does that have on us?
It’s the amount of subjection, EA. Insofar as we were in our teens and also using smartphones, I believe we are actually pretty a lucky generation. We are now constantly exposed to what other individuals are doing in a customized manner. Because you have to think, “Oh, I’m going to take a photo of this moment,” even the images of people sobbing must be somewhat fabricated. Even social media vulnerability isn’t entirely real. However, we overlook this because the fundamental goal of social media is to feel genuine and as though we are friends with people who we probably don’t actually know and probably never will. It evokes a genuine sense of being left out, feeling behind, or wondering, “Why haven’t I been able to do what that person is doing?” Additionally, we simply lack a complete image.
Many teenagers, in my opinion, have the impression that everyone else they look at online is doing better. They are accomplishing more. They’re moving around more. The ideal father was found for them. They have the ideal girl in the photo. In fact, it can make you feeling incredibly inadequate, but when it comes to money, we often have no idea how it’s being paid for. We don’t know if people receive financial gifts, holidays, or have a family trust fund. But all we do is stare at the pictures and wonder, “How is someone my age able to buy that home?” Furthermore, it is simply unfair to be making a contrast.
HR: Talking about money is forbidden. If we do n’t have it, there is shame, but it’s also taboo for people to discuss privilege. What impact does that have on us?
Ep: It’s unfortunate that many people believe they lack sufficient funds. However, people actually feel more at ease saying things like, “Oh, you know, I don’t have any money.” They claim to have a bit, but I’m really struggling with this. I believe it could be a lack of confidence in your ability to appear boastful or the constant mention of how difficult people’s lives are. However, if people don’t discuss their privileges, it makes them feel inadequate in the eyes of those around them. because you encounter situations in which you are unable to connect the dots. While you put in a lot of effort, your companions unexpectedly acquired property—a home. And you’re attempting to determine, “Well, this is how much they make, we’ve been following a similar path, how have they done that?” You’ll begin to wonder,” Well, I guess I’m missing something around.” I’m the one who hasn’t been making the right choices or saving enough. when there is frequently another reason: They have received assistance.
Being supported by your home is a wonderful issue. However, not everyone has access to it. And even if they are unable to assist you, it doesn’t mean that your family loves you any less. But once you admit it, it may actually make it easier for other people to comprehend why you might get in a particular situation.
Freelance blogger Hope Reese writes for blogs like The New York Times, Vox, The Atlantic, and others. In 2025, her text “The Women Are Not Fine” will be released.