A survey of 2,000 Americans by Talker Research commissioned by Beyond Finance found that most of the Americans are financially stressed during the holiday season. 56% of the respondents said that they feel pressured to spend money on gifts during the holidays. When asked where they feel the most pressure to spend money on, 71% answered family, 28% said friends and 19% said because of social media. 76% reported experiencing “Money Wounds” that is emotional stress from financial challenges.
26% suffer from low self esteem because of financial stress, 21% feel money wounds because of their habit to spend a lot on useless things. During the holiday season 25% respondents reported experiencing money wounds because of compulsive overspending. The survey also asked why respondents are experiencing financial stress and reasons were financial mistakes (40%), being in debt (25%) and not making enough money at all (34%).
27% said that they can feel their money mindset changing and a habit to spend more resurfacing during the holiday season. 61% of the respondents reported that they are anxious to spend money this holiday season because of the financial situation they are in. 42% said that they get distant from others during the holiday so they do not have to feel less than them.
To minimize all of this pressure, 61% of the respondents said that they are trying to change their mindset to “money and spending doesn't equate to happiness.” There are also some respondents who are taking help from a therapist or a coach to ease their anxieties and worries about money. Even with this, 37% said that they don't feel that the trauma or issues around money are ever going to heal.
Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance said that many of her clients at their weekly financial wellness sessions tell her about how they are financially struggling and their struggle increases during the holiday season. Chief Operating Officer at Beyond Finance, Lou Antonelli, added that financial wellness is more about overcoming your shame and guilt about financial struggle than overcoming your debts. It is important that people know more about financial wellness so they can easily manage their finances around the holiday season. Once you are free from financial stress, you can develop healthier spending habits even when there is high pressure on you to spend more, like during holidays.
Read next: Baby Boomers Embrace Digital, Spending More Time Online Than Ever Before
26% suffer from low self esteem because of financial stress, 21% feel money wounds because of their habit to spend a lot on useless things. During the holiday season 25% respondents reported experiencing money wounds because of compulsive overspending. The survey also asked why respondents are experiencing financial stress and reasons were financial mistakes (40%), being in debt (25%) and not making enough money at all (34%).
27% said that they can feel their money mindset changing and a habit to spend more resurfacing during the holiday season. 61% of the respondents reported that they are anxious to spend money this holiday season because of the financial situation they are in. 42% said that they get distant from others during the holiday so they do not have to feel less than them.
To minimize all of this pressure, 61% of the respondents said that they are trying to change their mindset to “money and spending doesn't equate to happiness.” There are also some respondents who are taking help from a therapist or a coach to ease their anxieties and worries about money. Even with this, 37% said that they don't feel that the trauma or issues around money are ever going to heal.
Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance said that many of her clients at their weekly financial wellness sessions tell her about how they are financially struggling and their struggle increases during the holiday season. Chief Operating Officer at Beyond Finance, Lou Antonelli, added that financial wellness is more about overcoming your shame and guilt about financial struggle than overcoming your debts. It is important that people know more about financial wellness so they can easily manage their finances around the holiday season. Once you are free from financial stress, you can develop healthier spending habits even when there is high pressure on you to spend more, like during holidays.
Read next: Baby Boomers Embrace Digital, Spending More Time Online Than Ever Before
