Generational Lack in Finances Leaves Inadequate Preparedness for Life

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“Beliefs about money are instilled in all of us at an early age,” says Dr. Katherine Elder, Ph.D. a clinical psychologist and co-founder of Delaware Psychological Services. “These early messages shape our relationship with money.” Likewise, we hear and witness our parent’s response to money. And often internalize their beliefs and habits as our own, she adds. “Beliefs range from needing to save every penny out of fear of not having more or a need to spend every penny because we do not typically have money,” Dr. Elder says. “When we want to improve our beliefs and therefore habits about money, …

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