Is financial imposter syndrome impacting your finances?

Do you often feel hopeless with money? Do you worry that you’ll never learn to budget properly, no matter how hard you try?

If so, you might be experiencing financial imposter syndrome, and you’re far from alone.

A recent study carried out by Opinium for wealth management company Quilter, found that more than three million adults may be struggling with this exact issue.

What is financial imposter syndrome?

Financial imposter syndrome is a form of self-doubt that affects people across all income levels. Instead of viewing money challenges as normal learning experiences, it can make you feel that:

• financial setbacks are entirely your fault
• any successes you’ve had are due to luck rather than skill
• you’re not the ‘type of person’ who manages money well

This mindset can hold you back from taking steps that could genuinely improve your financial wellbeing. You may feel:

• financial planning is only for wealthy people
• you don’t ‘deserve’ to be better off
• that you lack the ability to change your financial situation

Over time, this kind of thinking can become a real barrier to confidence and progress.

How can imposter syndrome affect your money?

Financial imposter syndrome can have a surprisingly wide impact, influencing the choices you make and the opportunities you turn down. It may lead to:

• lacking the confidence or energy to start a side hustle or small business
• avoiding job roles with more responsibility and higher pay
• undervaluing yourself in interviews because self-doubt makes you feel inadequate
• skipping higher education or training that could improve career prospects
• turning down opportunities because you assume you’re not capable
• ignoring financial advice or support because you feel it’s ‘not for you’

Even small decisions driven by self-doubt can add up over time and limit your financial growth.

How to overcome financial imposter syndrome

Quilter recommends taking steady, manageable steps that gradually shift your mindset from “I’m not good with money” to “I’m capable of taking control”.

Here’s how to start:

1. Take stock: get a clear picture of your finances.
2. Set one achievable goal.
3. Simplify information and seek clarity.
4. Build accountability and share your goals.
5. Keep perspective. Everyone makes mistakes; what matters is moving forward.

If you’re ready to take a small but meaningful step toward financial confidence, help take control of your finances with our free budget calculator. It’s a simple tool designed to help you get organised and understand your money better, so you can start making decisions that support the future you want.