Giving Compass' Take:

• Joetta Johnson, writing for B The Change, discusses how companies can create a more conscious money culture that will help employees thrive both professionally and personally. 

•The author states that education on personal finance is essential, particularly for employees in accounting positions. But why would financial literacy also be critical in other work environments? 

• Read about the importance of financial literacy for young people. 

Early in my career as an accountant, I mainly experienced what I call unconscious money cultures. Most people inside the organizations I was a part of — myself included — were playing out unconscious patterns with money, both personally and professionally.

On an individual level, even though I oversaw multimillion-dollar budgets, my personal financial life was a mess. I was struggling to make ends meet despite my degree in accounting. I eventually had to file for bankruptcy. Humbling as it was, that painful process sent me on a quest to face my challenges with money. In my work with business owners, I’ve identified five tenets of conscious money culture.

  1. You must invest in the education of the whole: To have a conscious money culture, everyone in an organization must have access to education on personal finance.
  2. Mindset is what matters most: I meet a lot of people who believe that simply having more money will contribute to a greater sense of wealth.
  3. Generosity unlocks prosperity: To increase financial success, give some away. This is important because it creates an attitude of trust — trust that there will be more money, trust that there is enough money to go around and trust that generosity creates a deeper sense of fulfillment.
  4. It takes help to see your own money shadow: The money shadow is what we believe about and do with money unconsciously without even knowing it.
  5. Conscious money culture is an ongoing practice: Having a money practice is similar to having a yoga or meditation practice that cultivates a conscious state of mind and state of being: Consistency matters. You don’t just do it once and then you’re done.

Read the full article about conscious money culture by  Joetta Johnson at B the Change