Yoga people don’t focus on material things.

Practitioners live in the present moment and don’t need to worry about the future.

People who practice mindfulness are content and unconcerned with money.

At least those are the myths. But is there a connection between mindfulness and money management? A 2021 study, “Being Present: The Influence of Mindfulness on Financial Decisions,” concluded that people who practice mindfulness allocate less money toward investments that bring higher yields. They also made less efficient investment portfolio-trading decisions.

But those who practice and teach mindfulness think the study is flawed.

Mindful money practices take time

In the study, conducted by researchers at the University of Kansas and Marquette University, subjects participated in either a 5-minute meditation recording or a mind-wandering session. Then they made some financial decisions. Those who participated in meditation put as much as 20 percent more toward near-term consumption than the control group did. The researchers concluded that living in the moment encourages people to spend now instead of plan for later. But experts say that the study takes a simplistic look at mindfulness, and note that the practice can actually have a positive effect on one’s financial future.

“To call a five-minute recording ‘practicing mindfulness’ is wrong,” says Saundra Davis, a founding member of the Financial Therapy Association (FTA), an organization that brings therapists and financial planners together to help individuals develop financial plans and create the right mindset to stick with them.

Davis says the experiment used a relaxation method—but that shouldn’t be confused with a mindfulness practice. “It negates what mindfulness is really about,” she says.

Chioma Njoku, a yoga instructor and financial counselor, agrees. “It takes time to really get into these practices,” she says. “Declaring mindful practices to be detrimental to one’s finances because some people in their study chose to take care of their immediate needs is a huge assumption and downright irresponsible.”

Original article: https://www.yogajournal.com/lifestyle/mindfulness-money-management/

Refund Policy