How To Manage Milennial Money Stress | The Indigo Project

How to Manage Millennial Money $tress

If you’re feeling frequently stressed about money, don’t worry, you’re not alone. A recent study in the US found millennials place financial security as important as mental and physical health – however, only a third consider themselves financially satisfied.

Much of the financial stress comes from the pressure of wanting to live up to the expectations of friends, family or personal expectations, and not being in the financial position to fulfil those expectations.

Our founder Mary offered us some insights on how to navigate financial anxiety and help us separate our self-worth from our pay packets. 

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How common is it for young people to feel stressed about their financial future?

“Financial concerns are a huge concern for our clients. We are often sold a picture that we can ‘have it all’ and should be financially stable, have savings, great relationships and have the job of our dreams—that is a lot to juggle! So it’s an extremely stressful feeling when you feel ‘behind your peers’. That can lead to heightened levels of stress and anxiety, as well as insecurities and fears you didn’t know existed before.”

How to Manage Millennial Money $tress
What do you think contributes to our stress around finances?

“More than ever, young individuals are interested in doing ‘meaningful’ work. By that, I mean work that is in line with their values and purpose—which often can come with a financial impact short or long term as well as feeling torn between what matters to them and what others will think of them. In school we weren’t taught how to identify our values and as a result this often leads us to making choices we thought were best for us, but may not actually be a true representation of what we value (which, as a result, causes feelings of conflict and stress).”

Why do our family and friends views of our finances affect us so much?

“From an evolutionary perspective, we are social creatures and want to fit in. Going against the grain, following our own path or changing our minds is a place where we can experience vulnerability and uncertainty, and as we have such a deep desire to feel connected to others, we are often challenged by doing things that we feel may be judged by others. This often leads us to ‘people pleasing’ behaviours and the challenge of setting boundaries and communicating our needs.”

What advice would you give to those feeling a sense of ‘lack’ or ‘not good enough’?

“It is important to understand what success means to you. If you haven’t defined it, then it’s easy to use money as a benchmark for success but actually other measures of success can be a lot more valuable such as—impact on a community, personal development, creativity, living your purpose, liking your work, enjoying who you are working with or what you are creating.”

“While it can often be easy to find the negatives in any situation, I encourage you to look at the reasons why you are doing what you are doing and how that connects with your values — gratitude helps.’

“Changing your relationship with money is also important, and looking at where you’ve gotten those ideas to help unravel any anxiety that’s there. At the end of the day, money isn’t everything, beyond the necessities it doesn’t bring us happiness. We often have to re-educate ourselves to understand what actually brings us joy and fulfilment and that’s where we see individuals become more accepting about their situation.”

What can we do to feel more empowered about our future goals?

Grab a journal and ask yourself the following…”

  1. What situations in life have made you feel happy, proud of yourself, satisfied or fulfilled? Write down 10 different scenarios. 
  2. Using the situations as a basis, identify your top 10 values. For example, if you recall being happy while travelling, did you value; adventure, learning, independence etc. 
  3. Identify your top six priorities—i.e. travel, making money, personal growth, relationships, health, study, creativity, family, relaxation.
  4. Reflect on if you are currently in line or not in line with your values and priorities—what needs to change? What’s holding you back?
  5. Using your values and priorities, create a vision around your perfect day or week looks like. Ask yourself—who am I surrounded by? Where do I live? What do I do for work? How do I feel? Then create an action plan to move forward with and aim to every day take a step that gets you closer to your vision.
What if the ‘white picket fence’ is not a current (or feasible) financial goal? How can we navigate social situations comfortably?

“While it can be easy to fall into the trap of ‘the grass is always greener’, I also see a lot of people who are very financially secure but extremely unhappy about their lives. In fact, I see many people who are envious of people who don’t have ‘white picket fence’ type goals!”

“As a whole, I find those who are most empowered by their finances and future are those who truly accept and understand why they have chosen their respective pathways. Everyone has different values and priorities, which allows us to see the diversity in people and jobs. Life would be so boring if everyone did the same thing!”

“So maintain focus on creating a life that suits you, not others. By realising you get to do life ‘your way’, it’s an extremely important pathway to grow self-worth and confidence.”

How to Manage Millennial Money $tress

“When it comes to social situations, acknowledge there’s no need to ‘be better’ than others or put pressure on yourself to say ‘the right thing.’ Instead, focus on being authentic, even if that means showing a bit of vulnerability, for example: “I’m doing XXX at the moment, and it’s a bit challenging, but I’m learning how to keep myself on the path I’ve chosen and I’m enjoying learning about myself in the meantime. This is a great way to stay honest, authentic and real.”


annia baron, Clinical Psychologist


dr navit gohar-kadar, Clinical Psychologist


maja czerniawska, Senior Psychologist


eunice cheung, Psychotherapist & Counsellor


ayanthi de silva, Registered Psychologist


tayla gardner, Psychotherapist & Counsellor


katie odonoghue, Relationship Coach & Couples Therapist


lorna macaulay, Senior Psychologist


shuktika bose, Clinical Psychologist


deepika gupta, Clinical Psychologist


eva fritz, Senior Psychologist


dr emer mcdermott, Clinical Psychologist


nicole burling, Senior Psychologist


natasha kasselis, Senior Psychologist


dr perry morrison, Senior Psychologist


gaynor connor, Psychotherapist & Counsellor


shauntelle benjamin, Registered Psychologist


liz kirby, Psychotherapist & Counsellor


sam barr, Clinical Psychologist


darren everett, Senior Psychologist


jamie de bruyn, Senior Psychologist

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