In an interview with rolling out, Jack Howard, head of money wellness with Ally Financial, discusses her focus on money psychology and behavioral financial education. As a passionate advocate for financial social inclusion, Jack is dedicated to creating programs that equip Brown and Black communities with tools for wealth creation, addressing significant historical wealth disparities. Her insights reveal the deep connection between mental health and financial well-being and offer practical financial management strategies in challenging economic times.
Explain the connection between mental health and financial well-being? Why do you think these two areas are so intertwined?
It’s so intertwined because of behaviors. As I mentioned earlier, you can know better but not do better. You can know the right things to do and still not implement them because of behaviors and mindset. Mental health and finances are connected through these behaviors, often influenced by early money memories and societal pressures. People have subconscious beliefs and habits that stop them from implementing the skills they’ve learned, creating a cycle that affects their financial health.
How do you actually get to the root of these behaviors?
We start by exploring your money story. In our workshops, we ask participants about their earliest money memories and the financial themes they learned growing up. Understanding these connections helps us see how past experiences influence current financial behaviors. For example, my own money story involves memories of my family pulling out $100 from the credit union every two weeks to have fun for the day. This behavior shows up in my life today, but understanding the root helps me make more mindful financial decisions.
In times of high inflation, what strategies would you recommend for individuals to maintain or improve their financial health?
People need to be mindful of how inflation impacts their finances and adjust their lifestyle accordingly. Take a real look at your finances and see how inflation has affected you. Create a spending plan that reflects your current financial situation, allowing for adjustments in fixed and variable expenses while still prioritizing savings. It’s important to face the reality of inflation and make conscious changes to live a joyful life with the money you have.
If someone feels stuck in their financial situation, what would you recommend as the first actionable step they can take to change their circumstances?
Start by understanding your money story. Address shame, fear and anxiety around money. Avoiding financial issues only makes them worse. Get everything on paper, including all debts and fears. Create a spending plan grounded in your values. For me, being a recovering spender, I focus on values like creating generational wealth and meaningful experiences. Aligning spending with values helps create mindful financial habits.
What does Jack Howard do for self-care?
As a breast cancer survivor, self-care has become essential for me. I live a life grounded in my values, which makes the wellness journey easier. I have a list of things that are good for me, like spiritual experiences, gong and sound bowl meditation, nature walks and eating healthy. When I get off track, I return to this list. Additionally, I seek help from a therapist when needed. It’s important to have a list of things that are good for you and to seek professional help when necessary.
