lackofresources
“Beliefs about money are instilled in all of us at an early age,” says Dr. Katherine Elder, Ph.D. a clinical psychologist and co-founder of Delaware Psychological Services. “These early messages shape our relationship with money.” Likewise, we hear and witness our parent’s response to money. And often internalize their beliefs and habits as our own, she adds. “Beliefs range from needing to save every penny out of fear of not having more or a need to spend every penny because we do not typically have money,” Dr. Elder says. “When we want to improve our beliefs and therefore habits about money, ...
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Poverty that persists across generations is known as generational poverty. One generation following another passes down poverty, which is not curable. The cycle of poverty is a long-term pattern of poverty in which everything begins again after it’s completed, persisting in a whole family. While there are several causes of generational poverty, one of the most prevalent is a lack of resources. In the absence of financial resources, parents are unable to live independently and raise their families. Having parents who are their children’s closest role models can lead to disadvantageous influence...
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