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HOW IT INFLUENCES YOUR FINANCIAL PLANNING

Money is universal. But our relationship with it? That’s deeply personal, shaped by a multitude of factors ranging from age and life experience to cultural influences and socioeconomic status.

Remember, it’s not just about the numbers. It’s also about who we are and where we come from.

Understanding how these factors influence our financial behaviours can help us break patterns that no longer serve us, and build healthier habits that align with our personal goals and values. As we’ve often said, financial planning isn’t just about calculating figures—it’s about understanding context.

As we age and accumulate life experience, our relationship with money evolves. A fresh graduate may be focused on paying off student loans or building a modest emergency fund, while someone in their forties might be navigating the challenges of homeownership, education costs for children, or saving for retirement. Later in life, the focus often shifts toward wealth preservation, legacy planning, and ensuring comfort in the golden years.

With each stage of life, our financial literacy and confidence usually grow, but only if we actively engage in learning and adapting.

Income and wealth, unsurprisingly, play a huge role in how we approach financial decisions. When resources are limited, financial planning often revolves around necessity and survival rather than wealth accumulation. Someone struggling to cover monthly expenses may have little room to consider investment opportunities or long-term goals. On the other hand, having financial abundance doesn’t guarantee good financial habits. In fact, it can sometimes lead to complacency or reckless spending.

But it’s not just about how much money we have. It’s also about how we view money, and that often comes from our cultural and socioeconomic background. The values we inherit from our families, communities, and even nations can have a lasting impact on our approach to saving, spending, investing, and even giving. For instance, in some cultures, pooling resources for the greater good of the family is considered a core value. In others, individual financial success is the primary goal.

This is why cookie-cutter financial advice rarely works. Everyone’s starting point is different. For someone from a background where money was scarce, the urge to save might feel more pressing—even when they have more than enough. For another person who grew up with financial stability, risk-taking might come more naturally. And then there’s the intersection of these factors. Age, wealth, cultural values, and past experiences all influence how we make decisions today.

Financial literacy plays a critical role in overcoming limitations imposed by demographics and socioeconomic status. The more we learn, the more we can identify unhelpful beliefs and behaviours we may have inherited, and make conscious choices to develop healthier financial habits. The real challenge is recognising where our habits and perceptions come from, and deciding which of them still serve us and which do not.

Ultimately, financial planning is about creating a roadmap that reflects who you are and where you want to go. It’s about acknowledging the influences that have shaped you, understanding how they impact your decisions, and finding the courage to choose your own path.