Reflecting on Our Relationship with Money Through the Lens of Bradley Wiggins' Story

The recent financial downfall of Sir Bradley Wiggins, the UK cyclist and British sporting icon, serves as a stark reminder of how deeply personal histories can shape our financial destinies. According to a report from The Times newspaper, Wiggins was officially declared bankrupt, leading to the potential seizure and sale of his assets, including medals and trophies. This troubling situation highlights a crucial lesson I frequently encounter in my money coaching and therapy practice: our financial habits often mirror our personal relationship with ourselves.

The Impact of Our Childhood on Financial Behaviour

Wiggins' story is one of immense highs and devastating lows. While his athletic achievements are stellar and well-documented, his personal struggles are equally profound. He has spoken candidly about his battles with depression, the pressures of fame, and the painful breakdown of his marriage. Most notably, he has traced many of his issues back to a troubled relationship with his father, who abandoned him during childhood and met a tragic end.  Most recently, Bradley revealed that he had been sexually abused by a coach when he was 12.  Whether the many stories in the media about him are true or not it seems that Mr Wiggins has plenty to be troubled about - the question is – what role does his past have in his financial success and downfall?

This background of instability and trauma is not uncommon among those who struggle to manage their finances effectively. Many of my clients have similar histories of difficulty and loss, which profoundly affect their business and work lives. These experiences often lead to many different patterns though mainly of either not making enough money or failing to hold onto the wealth they do gain. 

The Cycle of Wealth and Emotional Health

The connection between emotional health and financial stability is intricate. Wiggins' bankruptcy highlights a critical aspect of this relationship: the necessity for trusted and wise financial advisers. Again, according to The Times, Paul Rouse, head of client services at Forvis Mazars, emphasised the importance of safeguarding long-term financial positions, especially for those in elite sports who may focus solely on their primary goals of winning and excelling. 

However, financial advice alone is not enough. The underlying emotional wounds must also be addressed. For Wiggins, unresolved trauma and unrest, likely compounded his difficulties in maintaining financial stability. These deep-seated issues can manifest in various ways, including impulsive spending, poor investment choices, or an inability to prioritise long-term financial health.

According to the 2018 report - The Impact of Psychological Trauma on Finance: Narrative Financial Therapy Considerations in Exploring Complex Trauma and Impaired Financial Decision Making - "A growing body of research indicates that cognitive, emotional, and behavioural issues are associated with negative financial management behaviours. These financial behaviours, in turn, are often harmful to the overall economic well-being of the individual and/or family. Research also has suggested that financial problems and economic disparity are strongly associated with psychological and emotional vulnerabilities, such as depressive symptoms and anxiety (Lester, Yang, & Spinella, 2006), as well as stress-related illnesses, such as hypertension (Cook et al., 2006)."

Healing and Financial Recovery

When clients come to me for help managing their finances and improving their relationship with money, it rarely ends up being a conversation about money. Money is just the tool that highlights the problem with their self-esteem, self-worth, ego, and other personal issues.

Healing our emotional scars can be a challenging journey, but it is essential for achieving financial recovery and stability. Financial therapy by way of talking therapy, cognitive hypnotherapy and AMDR (Applied Memory Deconsolidation and Reconsolidation) are powerful tools that can help in this healing process. They assist in addressing and reprogramming the negative beliefs and patterns that sabotage financial success.

Alongside this emotional work, learning the nuts and bolts of managing money is necessary at any level of wealth. Simply handing over finances to advisers will not work – we need to hold on to our power over money and our use of it. This means setting realistic financial goals that we understand, creating and sticking to a spending plan, and seeking supportive and trustworthy financial advice while maintaining an active role in financial decision-making.

Sir Bradley Wiggins' story is a powerful reminder of the intricate link between our personal histories and our financial well-being. It serves as a call to action for those of us struggling with similar issues to seek help and begin the process of healing. By understanding and addressing the deep-rooted emotional factors that influence our financial behaviours, we can pave the way towards a more secure and prosperous future. 

Talking about money can be tough because it's still a bit of a taboo subject. But we can all help change that. Starting a conversation about money, focusing on how we feel about it instead of the actual numbers, is a great way to begin. This makes talking about finances easier and less scary.

If Wiggins' journey teaches us anything, it is that our relationship with money reflects our relationship with ourselves.

Through introspection, reflection, professional guidance, and a commitment to personal growth, it is possible to break free from the cycles of financial instability and build a healthier, more stable financial future. 

If you find yourself affected by any part of this article, please don't hesitate to contact me.

Thank you for your time.