Some of your clients may have complicated relationships with money. And for your female clients, that relationship may be fraught with emotion, according to business coach and author Meriflor Toneatto. Understanding these emotions can help you better understand your female clients.
“For women, money is an emotional currency. It’s tied to our sense of self-worth and self-confidence, and our feelings of safety and security. These feelings often translate into self-limiting decisions,” says Toneatto in her book Money, Manifestation & Miracles: 8 Principles for Transforming Women’s Relationship with Money.
So which emotions affect women’s decision-making when it comes to money? Here are five:
1. Fear. This emotion dominates many women’s relationship with money. Women may fear not having enough money as well as losing it or having someone take it from them. Many women, even those earning annual salaries of $200,000 or more, fear ending up as “bag ladies.” At the same time, women fear having too much money. Women may be afraid of advancement for fear of failure.
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2. Guilt. Women who refuse to splurge on themselves or pay full price for an item are exhibiting feelings of guilt in relationship to money. Perhaps they experienced deprivation as children. Furthermore, society reinforces the idea that in order to be a good wives and mothers, women must be selfless. Consequently, many women learn to deny themselves.