My financial culture growing up was comparable to an economic cycle, as in there were a few peaks and troughs when it came to my parents’ finances. When I was a young child, my mother was a care assistant and my father was a budding entrepreneur. But my mother quickly realised that upskilling herself could lead to a higher-paying job. She attended evening classes and soon after, was able to join an investment banking programme.
In my teens my parents invested a significant proportion of their money in sending me to boarding school. However, when my mother was about to make a career change to practice law, she fell ill and that dream got caught short. My parents did not want me to fret over money at such a young age, but it was hard not to as I could sense the impact of our severely reduced household income.
My mother did recover, but things continued to get tighter. Fast forward a decade later there were a few more financial shocks as both my parents were made redundant a few months apart from each other. The fluctuations in my parents’ finances birthed interesting stories and taught me a lot about money.
I asked the Money Medics community on Instagram to share their own financial culture growing up and the lessons they learned from their parents, I felt I could relate to many of their experiences.