While the holiday season is meant to be a time of joy and togetherness, it often results in financial strain. From increasing holiday spending to the pressure to keep up with others, many Americans face emotional and financial strain during this time of year. A recent survey commissioned by Beyond Finance and highlighted in the New York Post sheds light on the extent of these struggles, revealing that 76% of Americans experience “money wounds” — emotional scars from past financial stress — during the holidays.
Key takeaways from the survey include:
- 1 in 4 people overspend during the holiday season, exacerbating financial strain.
- 42% of respondents isolate themselves to avoid feelings of shame and embarrassment related to money.
- The most commonly reported money wound is low self-esteem linked to financial difficulties.
Dr. Erika Rasure, Beyond Finance’s chief financial wellness advisor, emphasizes that these struggles are more common than people may realize.
“In my weekly therapy sessions with clients burdened by credit card debt, I regularly hear about the same challenges and mental health struggles highlighted in these survey findings, especially as they intensify during the holiday season. It’s crucial to remember you’re not alone. Acknowledging these struggles and seeking support are key steps toward managing financial stress and finding peace.”
These alarming statistics underscore the urgent need for a more holistic approach to financial wellness, particularly during the holidays. Addressing both the emotional and financial aspects of money struggles can help those dealing with debt, shame and stress build a path toward financial freedom.
To read the full article in the New York Post, click here.