Growing up with my twin on Medicaid and disability checks, conversations about money were rare. Finances often carried the weight of fear and shame. Over time, I taught myself how to budget, invest, and unlearn the anxiety that came with scarcity. So when I sat down with my sibling to open their first accounts—a high-yield savings, a Roth IRA, and a brokerage—it felt like a quiet milestone. The plan was simple: my sibling would open the bank accounts and I would show them how/what to invest.

Suddenly, my twin froze: “I need that money if something happens and it’s safe where it is. Let’s not do this now.”

This was the third time I raised the conversation, and the third time they pushed it off. I was beginning to feel powerless against money paralysis. I remembered the despair of losing everything, of being homeless and afraid as a child, so I understood wanting to ignore the scary numbers in our bank account. Growing up paycheck-to-paycheck left a stain: we wouldn’t have the money for long, so it didn’t matter where we put it.

In reality, by keeping our money stashed in a normal savings account with 0.01% interest, we’re losing 3% of that money every year to inflation. It’s bad enough the minimum wage in the United States hasn’t increased since 2009, but banks are allowing our savings to depreciate silently under miniscule interest rates and exploitative account minimum-balance fees. Davide E. Beale with the Georgetown Journal on Poverty Law & Policy argues, “[L]ow-income depositors are unlikely to meet these thresholds considering the maintenance requirements are a significant portion of their income.” By keeping our money safe and procrastinating financial planning, we were growing poorer. Insultingly, our banks are letting it happen.

How will my family overcome this trauma and manage our money logically, not emotionally? Money is complex and developing financial literacy is time-consuming, especially for those with money-related traumas. We need tools to simplify this process without the months of financial literacy coursework or pressure of mistepping. The onus of money management should not be on individuals, who, more often than not, are denied opportunities to develop financial literacy.

In reading H.R.486, the Young Americans Financial Literacy Act, which rep. André Carson introduced to establish a grant for financial literacy programs, I witnessed the same ineffective proposals: blame poor people for mismanaging our money and claim that ignorance is the source of poverty. While financial literacy is a critical tool in social mobility, educational programs are not the missing factor in our fight against poverty. Many wealthy people have family members or financial advisors manage their money for them, allowing their wealth to justify their financial illiteracy. So, instead of claiming the poor are dumb and in need of mentorship, why not address the fact that money management is needlessly complicated, especially for those with money paralysis?

I still struggle to share my financial tips with my family—how to use your credit card, how to budget, what bank accounts to open, what percentage of your paycheck goes where—because the journey of overcoming money paralysis requires generational healing. We’ve transitioned to online banking for their higher rates, and the Financial Credit Union offers insightful financial literacy resources, but individual bandaids don’t heal systemic inequities. In fighting for social mobility as a community, to disseminate knowledge and heal the traumas of inherited poverty, transparency is our first step. Vocalizing financial struggles and upping the frequency of money-related discussion reveals that social mobility is a communal effort, not an individual burden.

So badly, I wish I could control my family’s finances and teach them all they need to know to grow their savings, but control is unsustainable and ineffective. Social welfare programs that place the responsibility of social mobility on the individual historically have failed to address systemic inequities. Scholars like Bell Hooks, James Baldwin, and Ibram Kendi have shown that individual approaches to systemic issues are fruitless. So let’s treat the complexity of money management and money paralysis as they are: systemic barriers denying the working class the knowledge, faculties, and convenience to realize economic security. We need a unified effort to simplify money management and evolve beyond ineffective financial literacy programs. Financial security should not prerequire the insurmountable overcoming of generational poverty alone.

For a roadmap to manage your money, here’s SMJ’s simple budget tracker. Reach out to thesocialmobilityjournal@gmail.com with your own money-related stories, because you deserve to be heard.