Our vision is to create an effective cognitive behavioural therapy (CBT) interactive online course presented as an app and mobile online course to tackle the unhealthy financial personalities and mind sets revealed by the Getting Sorted study and make it freely available to as many people as possible.
Money Gym will address the importance of effective money management (how money affects you, your health and your relationships) and promote other complementary financial literacy courses.
In addition to helping increase the number of people improving their money management skills, we believe that if Money Gym is used as a prelude to traditional financial literacy courses, it will increase the effectiveness and behavioural impact of these courses.
Women find dealing with money stressful and this is associated with lower savings, investments, home ownership and higher debts relative to income.
Financial decisions usually aren't only about dollars and cents. For most people, financial decisions are coloured by emotions, attitudes, experience and education, openness to new ways of thinking and personal characteristics such as impulsivity. Added together, these traits make up a person’s financial personality.
By taking a medical psychosocial approach, we have identified unhealthy financial thinking styles in both women and men and have seen how these have detrimental emotional, social, vocational, psychological, and physical health impacts on affected people.
How a person thinks about money is vitally important. Interestingly, educational courses that only focus on improving financial literacy do not appear to alter negative financial thinking styles nor address the associated health impacts. From the Getting Sorted Study, we know that negative health impacts associated with dysfunctional financial thinking are as common in people that are well-educated and financially literate as they are in those that are not. Negative financial thinking styles need to be addressed first in order for financial literacy programs to have maximum impact.
By exploring your financial personality and mind set, you become aware of your strengths and weaknesses and can take a healthy approach to tackling how to manage money better. By understanding your partner’s money personality you can also appreciate why they make the decisions they do and can work better with them to make good financial decisions to benefit your relationship and family.
We have selected a Cognitive Behavioural Therapy (CBT) approach to the Money Gym course because CBT has been proven to be effective in treating unhealthy mind-sets such as the underlying drivers to gambling. Furthermore, CBT delivered through an online course has also been shown to be as effective as professional face-to-face counselling.