genesis domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /services/webpages/f/i/financialpsychologycenter.com/public/wp-includes/functions.php on line 6114After nearly two years of living through a global pandemic, those celebrating the holidays \u2014 and especially those gathering in person with loved ones \u2014 know there\u2019s a lot to be grateful for. But if your wallet has taken a hit, the extra expenses of the seasons can be concerning.<\/p>\n
And economic figures would suggest many of our pocketbooks have indeed been squeezed.<\/p>\n
Unemployment is higher than pre-pandemic levels, according to the U.S. Bureau of Labor Statistics (BLS)<\/a>. Inflation is surging at a pace not seen since 1990, also according to the BLS<\/a>. And more than 1 in 4 adults are struggling to cover basic expenses, according to a November 2021 report from the nonpartisan research and policy institute Center on Budget and Policy Priorities<\/a>.One in six renters are behind on rent, 1 in 13 homeowners are behind on mortgage payments, and nearly 1 in 8 adults with young children struggle to buy groceries, the report found.<\/p>\n \u201cInflation is making prices go through the roof,\u201d says financial psychotherapist Alex Melkumian, PsyD<\/a>, a licensed marriage and family therapist and founder of the Financial Psychology Center in Los Angeles.<\/p>\n It\u2019s a problem for all types of earners. Regardless of income bracket, the current financial landscape is making what\u2019s considered \u201cnormal\u201d now feel out of reach for many people, Dr. Melkumian says. \u201cEveryone is having to scale down.\u201d<\/p>\n And that scaling down can definitely take its toll on mental health, especially when it comes to the \u201cmost wonderful time of the year.\u201d A lot of us have high expectations when it comes to the holidays. If you have to cut back on gift-giving or other seasonal festivities, Melkumian says: \u201cThis may bring up feelings of shortcomings and being ‘less than.’\u201d<\/p>\n There may not be an easy fix for inflation or low wages. But according to Melkumian: \u201cIt helps to pause and understand that the whole world is going through it.\u201d<\/p>\n Here\u2019s more on why you might be feeling so stung by the current economic realities and how to cope.<\/p>\n Money stress is no new phenomenon. U.S. adults ranked it as the biggest source of stress in pre-pandemic times, according to a 2015 report from the American Psychological Association (APA)<\/a>. More than 1 in 4 adults said then that they felt stressed<\/a> about money all or most of the time.<\/p>\n But money stress has become more acute for many during the pandemic. Income loss and concern about financial security have been associated with increased depression, regardless of how much money people made before the pandemic or their level of anxiety related to the coronavirus itself, according to a study published in August 2021 in the Journal of Affective Disorders<\/em><\/a>.<\/p>\n That research suggests it\u2019s not only income loss or financial hits that cause financial stress; worrying about potential financial hardships causes stress, too.<\/p>\n Uncertainty around the course of the pandemic and the future of the job market can certainly trigger anxiety, says Megan McCoyMegan McCoy, PhD<\/a>, a licensed marriage and family therapist and personal financial planning professor at Kansas State University, who researches the relationship between financial planning and mental health.<\/p>\n \u201cUnfortunately, despite advancements with COVID-19<\/a> treatments and vaccines, we still do not know when the pandemic will truly be behind us,\u201d Dr. McCoy says.<\/p>\n For many of us, gift-giving is a way of reinforcing social ties with friends and family. We can feel a deep sense of shame when we\u2019re not able to give gifts or feel upset if we don\u2019t receive gifts from people we\u2019re close to who we\u2019ve \u201cWhen we are wrestling with shame, we are wrestling with our sense of acceptability,\u201d Coambs says. We fear that our relationships with loved ones will be damaged if gifts aren\u2019t exchanged, and our sense of shame only increases when we can\u2019t afford to give a gift that seems big enough to express how much we value the relationship.<\/p>\n On the flip side, we can also feel like our relationship isn\u2019t valued if we don\u2019t receive a gift or receive a gift that\u2019s smaller than we expected, Coambs says.<\/p>\n Some people see money as a magic salve for emotional distress. So when they don\u2019t have the funds to create the perfect holiday experience (whether it’s buying gifts or other goodies of the season), they feel distressed instead of appreciating the potential to celebrate in less expensive ways, McCoy adds.<\/p>\n Others equate their net worth with their self-worth, and feel any inability to afford holiday activities is a personal failure rather than a temporary financial setback, McCoy says.<\/p>\n In other instances, people may feel so anxious about the potential for their finances to take a turn for the worse that they cut spending too drastically and miss out on opportunities to connect with friends and family.<\/p>\nCOVID-19 Uncertainties Make Money Worries Worse <\/strong><\/h2>\n
Money Trouble at the Holidays Delivers a Unique Sting<\/strong><\/h2>\n
\nexchanged gifts with in the past, says Ed Coambs<\/a>, a certified financial planner and financial marriage and family therapist who is the author of
\nThe Healthy Love and Money Way,<\/em>\u00a0and has developed financial psychology courses for couples and individuals.<\/p>\n