Dr. Erika Rasure, Beyond Finance’s Chief Financial Wellness Advisor, joined the popular podcast “Money Life with Chuck Jaffe” to discuss how holiday spending creates significant financial and emotional stress for many Americans. Dr. Rasure shared the findings of a Beyond Finance survey, which revealed that 65% of Americans couldn’t tell how much was safe to spend this past holiday season.
Dr. Rasure outlined that cultural and social pressure to spend often pushes people beyond what they can comfortably afford, even when they’re already dealing with debt or financial uncertainty. She emphasized that holiday spending challenges are less about budgeting mechanics and more about emotional decision-making, expectations, and guilt, all of which can lead to longer-term financial strain.
Key themes shared by Dr. Rasure include:
- Americans struggle with holiday spending pressure: The survey found that nearly two-thirds of people feel cultural pressure to overspend during the holidays, even when they’re facing financial challenges.
- Emotional and social influences contribute to overspending: Factors such as the desire to meet expectations, family obligations, and pressure from social media comparisons are significant drivers of holiday overspending. People often spend because it “feels right” or to avoid guilt — not because they can comfortably afford it.
- Financial trade-offs and debt risk: The survey also showed that many are cutting back in essential areas like dining out, saving, or buying groceries to fund holiday expenses. A substantial number of respondents expect to go into debt or add to their existing holiday debt due to overspending pressures.
Explore the full episode on Money Life Show for expert insights on managing holiday spending pressures and building healthier financial habits all year long.