Is Money Shame the Final Taboo We Need to Break?

I recently read an AllBright article that highlighted a word that keeps coming up in conversations. That word was shame, specifically financial shame. I wondered Is money shame the last taboo? I wanted to share that there is shame no for using credit. It is a tool and a vital lifeline when you have an unexpected expense such as a car breakdown, or when you want to protect your holiday payment so use a credit card and then pay it off in full. But this type of credit use usually applies to people with so-called ‘good credit’ that have low cost credit available to them. For those that do not have a low credit score, they find themselves excluded or paying more for their credit.

What people often don’t realise is that there is incredible pressure, both from society and clever marketing by lenders, on women to spend on themselves and their loved ones. So that they can have a so-called perfect lifestyle, look amazing 24 hours a day, and have a beautiful home. As such, debt has become normalised by society. Even interest-free credit such as Buy Now, Pay Later (BNPL) is not really free as lenders are using your financial, personal and phone data to create a digital profile to understand your habits and how to make you spend even more in return for this credit.

So as the use of debt has become normalised which people rarely talk about, financial shame is even more isolating and lonely because people are so scared of talking about their financial challenges and do not know where to go for help. 

The first step to addressing overindebtedness is acknowledging your situation. The second, is realising that you are not alone. 

There are free, independent debt charities that can help such as Stepchange, Money Advice Trust and MoneyHelper has information on dealing with debt.

I can support you to find a way to overcome money shame through offering confidential money coaching. 

Here is how I work. As a certified coach, I will never shame you by telling you: how you should feel,  what you should already know, or how you need to manage your money. Instead I offer a safe space for you to talk without judgement. To ask you questions to help you figure out what the best approach is for you so that you can take the next steps with clarity and confidence. 

I have two openings for July, to confirm your spot email me at: hello@noumenia.co.uk