“As soon you fall back, anxiety or depression is likely to hit
That urge to spend is hard-wired into us. Ales Zivkovic, a psychotherapist and counsellor with a background in economic research and healthcare, says that you may often find yourself feeling anxious about how much money you have in the bank because you want to maintain the perception of yourself as a successful person. This behavior can have unintended consequences on your wallet and mental wellbeing.
“If you’ve been brought up in a way that you place a lot of emphasis on doing well at work, earning a lot and getting your self-worth from climbing the social ladder, then as soon you fall back, anxiety or depression is likely to hit,” he says.
Some companies have started to act – last year, Santander introduced voice-controlled mobile banking and signed up the Time to Change pledge to help end mental-health stigma. But change across the industry is slow, especially when it comes to embracing new technology. A few app-based banks, such as Atom, Monzo and Tandem, are challenging the status quo of banking.
These young and hungry-to-make-a-difference start-ups are calling out the centuries-old banking sector on its failure to address these issues. But whether the progress will be adopted across mainstream banks... we’ll just have to wait and see.