According to Brad Klontz, a financial psychologist, your beliefs about money are the result of the way your parents brought you up. And whether you like it or not, how you were raised by your parents has a significant impact on your money problems as well as on your decision making when you reach adulthood. But it's not entirely negative of course. What's important is to understand and acknowledge the roots of your bad behaviors towards money so you can do something to change them.
Here are a few ways by which your childhood impacted your financial health.
You have very frugal parents
Sometimes, it's because the family is in a really tight budget or there are also times when they just want you not be used to spending a lot of money. The result is that you overspend in order to compensate after you felt deprived as a child.
You were raised to be a spoiled kid
This can be because your parents didn't have much during their childhood that they wanted to give the world to you. However, this can make you feel so used to living a luxurious life that you will grow with the thought that you can have everything you want the easy way, without having to work hard for it. And when you get older and faced with more responsibilities, your income may or may not be able to support the kind of lifestyle you have gotten used to.
You weren't taught about money
If your parents avoided discussing certain topics like money, you will grow up thinking that money has a bad reputation. Because of this, you will have very little knowledge or foundation on how you should be establishing your financial health especially once you become an adult.
