Affluenza can cause physical and emotional bankruptcy – a bankruptcy of the soul. Falling into insolvency is something nobody wants to experience, but losing everything can also be a life changing force. If Oliver James's theory is right – that capitalism and the desire to be wealthy are in fact increasing the emotional and mental distress of people - insolvency needn't be a negative thing.

Money, money, money

Yes, we all need money to survive, to get a roof over our heads, to eat, to pay the bills. But affluenza is a particular way of thinking that shifts us from human beings with needs to consumers with wants. Needs and wants become confused, so that we feel a new car or clothes will make us happier or more attractive. Beauty, for James, comes from an inner sense of self and happiness from relationships, friends and a contentedness with one's lot. The desire to be famous, fabulously wealthy or a lottery winner is in fact the very things that can cause huge unhappiness – even if you are famous, wealthy or have won the lottery. The reality is those things do not equate to feeling secure, having a sense of community, or being loved. Insolvency may be a wake up call to how you manage your finances in the future, but it can also be a chance to re-evaluate how you live your life.

The sick society – insolvency of the soul

In fact, wealth, Oliver James says, goes hand in hand with misery – something to hold onto if you are facing insolvency! But the underlying problem in the West is filling the psychic void with material goods. James believes that capitalism is bad for your mental health. Insolvency and bankruptcy can be damaging of course too, but having a healthy approach to materialism is important to get a healthy balance. Dreaming of winning the lottery will leave you unfulfilled, looking to a fantasy future rather than enjoying your present life. According to James, the obsession with wealth and fame means we are more easily ruled by superficial values, leaving us out of touch with our own feelings and authentic selves.

Insolvency – a time to reassess

Insolvency can be devastating; it can often be the result of financial risk and a desire to accumulate wealth. But from the devastation you can build a healthier attitude to wealth and money – James advises that people embrace family and community life, and change their mindsets so that careers and life is not a competition, but something to be enjoyed.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.