Money is a significant source of anxiety for people, especially women, due to societal pressures, wage disparities, and financial expectations. Yet, it’s a topic often shrouded in taboo and rarely discussed openly.

In January’s American Medical Women’s Association (AMWA) lecture, Mary Gresham, Ph.D., examines the intersection of psychology and mental health in her presentation, “Becoming a Money Wise Woman.” The Heersink School of Medicine invites all faculty and staff to attend and learn more about this under-researched area and methods to improve their financial well-being.

Demystifying financial health

With over 40 years of practice in psychology, Gresham has seen firsthand how financial insecurity impacts mental health, particularly after recognizing this as a common theme of anxiety for her clients.

Mary Gresham, Ph.D.

These issues only surfaced, however, after establishing a deeper trust, which led to a revelation: if she was asking clients about the intimate details of their lives, why wasn’t she asking about their financial health?

This led Gresham to collaborate with fellow psychologists to discuss their experiences working with families, couples, and individuals about their relationship with money.

“It’s a particularly powerful issue for women,” Gresham said. “Women are made to financially feel the consequences of taking time away from work to have children, to care for elderly family members, and to do the emotional work of the family.”

On top of providing emotional labor for their families, women work equal hours to men for 84% of the pay, causing additional strain on their mental health.

“That’s how I got interested in it. Why do women make less money, even when they’re just as smart and just as accomplished?”

Another significant challenge many women face with money is the lack of time and energy to manage it while balancing their interpersonal responsibilities. To remedy this, Gresham recommends taking small, manageable steps for a healthier relationship with money, outlined in her four levels of financial connection:

• Rational level: Understanding basic financial principles like budgeting, saving, and investing.

• Spiritual level: Aligning spending with one’s core values and beliefs. As Gresham puts it, “If somebody looked at the way I spend my money, would they know what was most important to me as a person?”

• Emotional level: Addressing deeper feelings of fear, intimidation, or guilt that hinder financial motivation.

• Process-oriented level: Encouraging open discussions and collaborative financial planning.

Expanding on these steps, Gresham suggests engaging with resources such as books, articles, and podcasts like NPR’s Planet Money to demystify finances. Reflecting on her own journey with financial health, Gresham recalls how reading Money Magazine for the first time encouraged her to rethink her relationship with money.

Additionally, Gresham recommends creating a support group that meets regularly to candidly discuss money issues and set group goals. By reframing finances as a shared concern rather than a solitary burden, women can break down their anxieties in the comfort of community.

Looking ahead to retirement, she also advises signing up for Medicare Part A at the age of eligibility and understanding Social Security benefits, particularly for divorced individuals at retirement age who may have access to ex-spouse benefits.

By applying these steps in a structured way, women can plant the seeds for long-term growth in their relationship with money, overcome anxiety, and build confidence in their financial decisions.

“Scaring people into getting connected with their money is not a good motivator,” Gresham says. “That’s why I really believe that the more savvy you get about your relationship with money, the better you’re going to feel. It helps you feel more secure, safe, and stable.”

Learn more about Gresham’s financial health models

Join Gresham on Friday, Jan. 24, at noon via Zoom for her AMWA lecture, “Becoming a Money Wise Woman.” Her talk will further explore the psychology of financial health and discuss actionable steps toward a healthy relationship with money.

To learn more, register here.