The Emotional Side of Money: A Conversation with John Hankins

In this episode of ABC's Apparenting Adult Children podcast, host James Moffitt talks with John Hankins, a certified financial therapist and licensed social worker. They discuss the importance of financial literacy for young adults, the emotional connections to money, and the challenges parents face when supporting adult children financially. John shares insights on budgeting, saving, and managing credit, while James reflects on his own financial journey and the lessons learned from his parents.

Keywords

financial literacy, adult children, budgeting, saving, credit management, financial therapy, emotional connections, retirement planning, financial stress, financial education

Takeaways

• Financial literacy is crucial for young adults to manage their future effectively.
• Parents should lead by example in teaching financial management to their children.
• Understanding emotional connections to money can improve financial decision-making.
• Budgeting and saving are foundational skills for financial stability.
• Credit management is essential to avoid long-term debt issues.
• Parents often face challenges when financially supporting adult children.
• Retirement planning requires careful consideration of long-term financial needs.
• Financial therapy can help individuals and couples manage financial stress.
• The financial markets' volatility requires a balanced and informed approach.
• Open communication about money can strengthen family relationships.

Sound bites

• "Financial literacy is crucial for young adults."
• "Lead by example in financial management."
• "Emotional connections to money matter."
• "Budgeting is a foundational skill."
• "Credit management is essential."
• "Supporting adult children is challenging."
• "Plan carefully for retirement needs."
• "Financial therapy can ease stress."
• "Market volatility requires balance."
• "Communication strengthens family ties."

Chapters

• 00:00:00 Introduction and Guest Introduction
• 00:00:00 Understanding Financial Therapy
• 00:00:00 Financial Literacy for Young Adults
• 00:00:00 Challenges of Supporting Adult Children
• 00:00:01 Retirement Planning and Market Volatility
• 00:00:01 Emotional Connections to Money

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Richard Jones. I am an RN with over 34 years of Nursing Experience, much of that experience working with young adults in the corrections system.