Economically Challenged Persons

Defining the lack mentality that limits economic empowerment among Kenyans

Photo credits: Isavary K.

When we talk about economically challenged individuals, we’re referring to Kenyans who lack the financial knowledge to transform their livelihoods. Issues such as being emotionally attached to money build up feelings of defeat for an individual, as they maneuver the day without adequate finances to cater to immediate needs and wants. Those living in underserved communities further endure the burden of lacking the financial capacity to meet daily needs.

The close association between emotional attachment to money and our money mentality adds to this deprived economic and emotional state. A person with a poor money mindset kills their grit to generate an income and invest wisely. Solutions such as financial education and initiating group therapy sessions for support are the best strategies to complement the desire for change by individuals experiencing economic challenges in Kenya.

Emotional Attachment to Money

The feelings of anxiety, fear, and insecurities such as shame and guilt when it comes to money matters describe emotional attachment. We’ve grown up valuing money as a means of survival with the understanding that it does not grow on trees, and the knowledge of the efforts it takes to earn it — get educated, secure a job, earn your living by paying your dues, and you’ll attain financial freedom. It has worked for most but not for all.

Our focus here is on the few who find it challenging to remain disciplined, based on inherited ideas about money that influence their financial behaviors. Those raised by parents who lack the proper financial knowledge acquired the same negative habits, and are exhibiting them today. They include:-

• Holding on to money earned out of fear of depletion or not getting more, rather than taking the risk to spend and/or invest wisely.
• Being angry and resentful when asked to contribute or help financially based on the above insecurity, makes money a taboo subject.
• Spending impulsively to fulfill an emotional desire, results in feelings of guilt that further enhances fear.
• Feeling worthless, hopeless, or shameful when lacking cash, exposes the relation between an individual’s confidence level and financial capabilities.

Money Talks, Money is Power

These statements describe the kind of confidence and state of being we’re referring to. Money instills the confidence to ask for more money, but this is not necessarily true for those with an informed or empowered money mentality. Being powerless or feeling worthless when broke lowers the courage and confidence it takes to negotiate for the right financial compensation, for example. A person will tend to accept less than owed or earned out of a desire to meet immediate wants or emotional needs. The focus remains on the ‘now’ rather than tomorrow or the next day, resulting in a grim future of persistent economic challenges.

Money Mindset and Perception

Group conversations have helped us discover some of the underlying attitudes and perspectives of individuals within our spectrum of focus (economically challenged individuals). When faced with a persistent challenge, most individuals turn to a higher power for answers and guidance. ‘God will provide’ is the dominant mindset for those who place their faith in spiritual favor. We’ve moved away from being money-minded to attracting it by being mindful. We are not oblivious to the necessary actions and steps to transform our financial realities. However, the feelings of happiness and sadness are tied to our wallets and dictates our ability to focus on a financial goal or target at any given point. On the other hand, we’ve seen individuals paralyzed by the belief that witchcraft is the reason behind their financial lack and challenges leading them to turn to the intervention of witch doctors to help set their path straight.

Are these matters of mental health issues or a series of behavioral habits and cultural beliefs that can be overcome through financial guidance?

Clap as many times as you wish if this was informative and kindly leave your feedback because without it we remain uniformed.