Breaking the cycle: financial literacy rooted in healing
The conventional wisdom—spend less, invest more—often falls flat for those grappling with systemic inequities and emotional trauma. Te Kahukura Boynton, Māori entrepreneur and founder of Māori Millionaire, is challenging that narrative, advocating for a trauma-informed approach to financial literacy that addresses the why behind our spending habits, not just the what.
Beyond budgets: addressing the emotional roots of money
Boynton’s message is straightforward: traditional financial advice frequently misses the mark. “You can’t financial-literacy your way out of survival mode,” she states bluntly. The reality, she explains, is that over 80% of our financial decisions are driven by emotion, a factor largely ignored by mainstream advice. Simply telling people to exercise more willpower or be more disciplined doesn't tackle the underlying issues fueling those choices.
What Boynton is highlighting is a deeply personal experience shared by many, particularly within Māori, Pasifika, and lower-income communities. The shame associated with financial struggles can be a powerful barrier, making it difficult to even begin addressing the problem. This is why she champions a more holistic approach, one that acknowledges the impact of historical and personal trauma – from colonization to childhood abuse – on our relationship with money. “Even if we’re not talking about colonization at an individual level, things like physical or emotional abuse can leave deep wounds that profoundly shape how we manage our finances,” she explains.
The dopamine trap and the need for pause
Boynton recalls her own past, a cycle of seeking instant gratification through impulsive spending. “Back when I didn’t have much money, I’d way rather spend a small amount of money to buy something that’s going to give me a quick dopamine fix, as opposed to putting that small amount of money towards something that’s going to help me long term.” This isn’t merely a matter of individual willpower; it’s a response to deeply ingrained patterns, exacerbated by a culture increasingly designed to deliver those quick dopamine hits through constant digital stimulation. She points out that a staggering 80% of people now check their phones before even getting out of bed, a habit that fosters short-term thinking and impulsive behavior.
To combat this, Boynton advocates for a simple yet powerful tool: a money diary. More than just tracking expenses, it's about cultivating self-awareness. “What am I buying? How much am I spending? How does it make me feel? Is this a good investment in myself?” she asks. The key, she emphasizes, is to “pause a little bit” before making purchases, noticing the physical sensations—the guilt, the excitement—that accompany our spending decisions.
Navigating economic uncertainty with resilience
As households grapple with the ongoing cost of living crisis, Boynton acknowledges the temptation to revert to old, often unhelpful, patterns. “It’s completely understandable if you’re choosing between buying gas for the car or putting kai on the table,” she concedes. But she urges individuals to redirect their focus. “I’m not the cost of living gods, I can’t control this—but what I can control is what I’m focusing on.” Prioritizing health, even through simple acts like a morning walk, can create mental space for problem-solving and a renewed sense of agency.
Boynton’s approach isn’t about quick fixes; it’s about building a “secure attachment” to money—a sense of control, a plan, and a safety net. “Back when I was worried all the time, it felt like I was almost drowning,” she recalls. “Now that I feel more secure, I have more energy to focus on my business and my wellbeing.” It’s a mindset shift that empowers individuals to break free from cycles of emotional spending and build a more resilient financial future. Her ultimate goal? To foster a wider, more compassionate conversation about money, one that prioritizes healing and empowers individuals to take control of their financial destinies.