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Whether it manifests itself as a strained relationship with money or as past trauma experiences unrelated to finances but exhibited through unhealthy financial behaviours, financial trauma affects South Africans from all walks of life.
October is Mental Health Awareness Month and CEO of National Debt Advisors, Charnel Collins, says the often-overlooked psychological aspects of money which leads many consumers to adopting unhealthy financial habits that end up entrapping them in the debt cycle.
Collins said that after over a decade in assisting consumers struggling with their finances, she noted that one of the main contributors to financial trauma in South Africa was poverty and/or general financial strain, which happened to be the daily lived experiences of many people in this country. From historical poverty to present day economic pressures, scarcity of money affects many South Africans.