So what is financial bondage?
It's when an individual, organisation or country for that matter, is restricted in choice due to financial constraints. While the consequences flow both ways, the example below shows a domino effect starting with the individual.
Personal
Personal financial health is strongly linked to mental health. At the personal level when there is financial strain at home, physical health and personal relationships may also be affected.
A client example of this was when the decision was made, due to financial constraints, not to visit a dying relative. The couple were not acting in accordance with their values and this placed a huge strain on the relationship.
At work this detracts from focus as home life plays on one's mind.
Business
At the business level an employee may manage million-dollar portfolios however this does not mean their personal finances are in order.
An example is that of an employee who "lost" $90,000, being reflective of her personal spending (ie not knowing where her money went). She found the $90,000 but had wasted valuable time in the process.
Global research since the early 19th Century also showed that personal financial MIS-management was the main reason for fraud. While the profiling of offenders has changed including motivation of younger offenders, financial pressure is still one of the top causes of fraud. It thus makes sense to incorporate financial health training into Fraud Prevention strategies. Lastly, if staff attrition occurs due to needing "more money" this creates recruitment, retraining and retention issues.
National