money anxiety

Subscriber exclusiveMoney trauma is a growing topic of discussion in Singapore, say coaches and social workersAlyssa WooFollow topic:InvestSummaryMoney trauma could stems from childhood financial struggles, impacting adults' emotions, identities, and behaviours around money, often causing anxiety.Rising living costs and job insecurity in Singapore have increased money-related stress, with many facing retrenchment fears and financial instability.Experts stress understanding personal money beliefs, breaking generational cycles, and seeking financial education and support to manage and overcome money trauma effectively.AI generatedPublished 13 hours agoUpdated 3 hours agoListenSign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today.SINGAPORE – Growing up, Michelle Mah felt like money was never enough and “always hard to earn”.Her family home was filled with hand-me-down furniture, including a faux leather grey sofa “we used to death until it had holes”.Her father, who worked in the government sector, had only secondary school education. Watching her parents struggle and argue over money, she had a strong sense that she and her older brother had to work hard to “get out of that cycle”.One pivotal moment came when her parents cashed out their insurance policies to fund the two siblings’ university education without taking out loans.Her childhood experiences left her believing that “you have to struggle” for money and that “nothing comes without cost” – a mindset that shaped her work, relationships and approach to money.She drew a starting salary of $2,800 in her previous job in the events industry and would splurge on bags from luxury brands such as Prada, Louis Vuitton and Gucci. That phase reflected a time when money and possessions were closely tied to her identity. She has since learnt to base her sense of self-worth on something beyond them and has sold off those bags.Armed with her own experience with money, Mah, 37, is now a psychotherapist and coach who helps clients with their money woes.Having grown up with money struggles, Michelle Mah, now a psychotherapist and coach, says that children can learn about money just by observing adults fret over bills. PHOTO: COURTESY OF MICHELLE MAHAlyssa Woo is a business correspondent at The Straits Times. She writes about how retail and work spaces are used and evolve with the times, as well as personal finance stories for the Invest section.See more onInvestMoney MattersSocial workDebt restructuring/InsolvencyST InvestMeTop storiesExplore top stories from all sections in one placeSingaporeSingaporeSingaporeSportNational Cancer Centre e-mail lapse allegedly exposes patients’ details including names, workplacesHDB completes Tengah BTO project using new technologies2-year-old S’pore boy is one of estimated 400 in world with disease caused by single altered geneGan Ching Hwee leads few Asiad medal hopefuls in transition period for Singapore swimming