I hear this a lot and usually it’s at the point a client is retiring and it’s too late for me to help make any significant difference to retirement savings.
But it does make me wish I could have met them 20 years sooner and worked with them to uncover What was driving that and Why.
What emotion is driving that?
In my experience it is often Fear.
Fear that the savings will be taken away. Fear that they won’t benefit themselves. Fear that the money will run out or Fear to face budgeting because of past negative experience.
Fear around money can be devastating because it leads us to avoid facing it and if we can’t face it then it easy to not save, to overspend or to fall behind on agreed payments. The outcome of these habits re-fuels the fear and the cycle continues.
But once we become aware of what the cause is, how that fearfulness is actually trying to protect us we can begin to take action to clear the way to create new habits.
We aren’t ’Savers’ or ‘Not Savers’ this isn’t a personality or genetic trait, it’s a habit and one that can be changed.