Escaping Financial Shame Spirals
Sarah Newcomb, PhD
![Sarah Newcomb, PhD]()
Sarah Newcomb, PhD
I help people build lives they love with the resources they have.
This week, we take a deep dive into the way that shame can turn into a poverty trap. Big shout out to Joe Gladstone and his team for this research.
Here's the gist: Financial hardship -> financial shame -> avoidance -> neglecting important financial tasks -> financial hardship, and the cycle continues. But, there IS A WAY to break free, and it's much easier than you might think...
Helping people take control of their financial future | Certified Money Coach (CMC)? | Financial Literacy Educator | Speaker
2 年Money is still a taboo subject for many people. This can lead to lack of education and control of your financial situation. We often don’t have awareness of the emotions behind our money decisions. But this can be changed with the right help in a supportive environment
With the Heart of a Helper and Utilizing a Holistic Approach, I Help Individuals, Families, and Organizations Move Towards Financial Wellness
2 年Sarah Newcomb Love what you and your team are doing in exploring the relationship between humanity and finances. The emotional side of finances is such an important factor for us professionals to consider...MUST consider! I find the distinction between the different types of emotions is significant. While other emotions can concurrently be present - such as guilt, anxiety, confusion - the point about shame is stark. As professionals in this space, we must meet the needs of our clients in a holistic fashion...that includes being kind and supportive of emotional needs as well. PS - This may be a silly question (because I know the purpose of a control group)...but was there any reported impact from the Control Group (JellyBean sorting)? Curious as sorting stuff (organizing thoughts, providing structure) can be a calming exercise.
Financial Psychologist | Author | Financial Stress Expert | Helping clients connect their money and emotions | Provide practical and therapeutic tools to heal financial stress.
2 年Sarah Newcomb Shame is an emotion we have all felt from time to time. As is the case with anger or guilt, at times, shame can be de-habilitating. In order to protect our ability to thing clearly (something that is crucial to our financial wellbeing) we need to learn how to regulate our emotions, and not allow our emotions to regulate us. Although we are not perfect, we can develop this skill in such a way so that we allow ourselves to feel our emotions (without suppressing them, which is very unhealthy) without allowing our emotions to alter our decisions. #financialpsychology #emotionalregulation
Treasury Director
2 年Interesting as always.