Overspending This Holiday Season?
You're not the only one feeling stressed out about holiday shopping. A survey by Talker Research found that 56% feel pressure to spend money during the holidays — whether or not they have money to spend.
More Than Half of Shoppers Feel Pressured to Overspend for the Holidays, Survey Says
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Pressure Comes From Many Sources
According to the survey, feeling pressure to spend comes from a variety of places, including family (71%), friends (28%) and social media and pop culture (19%).
It Gets Worse
Unfortunately, it doesn't end there. More than three-quarters of respondents to the survey (76%) suffer emotional difficulties and distress resulting from financial challenges.
There Are Many Money Reasons Why People Feel Rotten
While more than two-thirds of people feel lousy because of money, there are different reasons why. Some have low self-esteem due to financial circumstances (26%), others suffer from compulsive overspending (21%), while still others have shame arising from past financial mistakes (21%) or a scarcity mindset (20%).
The Most Common Financial Stressor at the Holidays
During the holiday season specifically, the most prominent and common financial issue is, you guessed it, compulsive overspending (25%).
The Causes of Financial Stress Can Vary Widely
Respondents to the survey blamed their money stress on past financial mistakes (40%), not having enough money during their young adult years (34%) and being chronically in debt (25%).
Money Problems Have High Costs
Don't think these issues just result in squirming when the bill comes. Most people in the survey (68%) said that these money issues hold them back from feeling fulfilled and successful.
What Are People Most Anxious About?
All that money stress isn't unfounded, unfortunately. A majority of respondants (61%) say that they’re anxious about their finances this year — and for legitimate reasons.
People May Avoid Money Troubles
People with money troubles (54%) may simply avoid them during the holidays. They may not buy gifts (37%), they could turn down party invites (33%), or just not check their bank account balances (29%).
Money Woes Cause Shame
Almost half (42%) said they'd avoid other people during the holidays so they don’t feel pressure to spend money to fit in. But in hiding away, people said they felt shame (38%), guilt (39%), and loneliness (40%).
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