Ella Lasky PhD

Therapy in Manhattan for Individuals and Couples

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The Secret Shame of Middle-Class Americans about Finances

April 22, 2016 By Dr.Lasky

Stop ProcrastinatingIf you worry about money you are not alone.

A recent survey by the Federal Reserve Board found that 47% percent of people responding said they would have to borrow the money, sell something or not be able to pay for a $400 emergency.  A 2014 Bankrate survey found that 62% of Americans had not saved enough money to pay for a $1000 emergency.   And a 2015 Pew Survey found that 55% of people did not have enough savings to cover their expenses for one month, should the need arise.  The American Psychological Association conducted a study in 2014 that found MONEY to be people’s number 1 stressor, with 72% of people feeling stressed about money at least some of the time.  Many of these people were middle class professional Americans!

Of course most people do not talk about this unless prodded to do so  as it is taboo.  Struggling financially is a source of shame and humiliation.  Neal Gabler, the author of the Atlantic article, writes that “Finacial impotence has many of the same characteristics of sexual importence, not the least of which is the desperate need to mask it.

Read more…

 

Filed Under: Financial Psychology, In the News, Retirement, What's New

Ella Lasky, PhD
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New York, NY 10025

ellalaskyphd@gmail.com


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Financial Therapy

Financial Therapy helps one gain a greater understanding of your finances as an individual  and/ or as a couple.

 

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