According to a new study done by Credit Karma, Millennials and Gen Z are emotional spenders. We spend when we’re depressed and we spend when we’re bored, but most interestingly, we spend when we’re happy. And apparently we’re not alone. The study also reports that 39 percent of overall Americans identify as emotional spenders and of those emotional spenders, 58 percent of Gen Z and 52 percent of millennials agree with that sentiment. If these statistics are making your eyes bulge and stomach drop, we’ve got you covered. Read ahead to understand the risks of emotional spending and how to develop healthier habits to curb the ‘Add to Cart’ urge.
Meet the Experts:
- Dr. Traci Williams, PsyD, is a Doctor of Psychology certified by the American Board of Professional Psychology as well as Certified Financial Therapist (CFT-I™️) by the Financial Therapy Association (FTA). In addition, she is the founder of Healthy Wealthy Roots, which provides support for mental, emotional and financial health and has been working for well over a decade with people of all ages.
- Courtney Alev, the Associate Director of Product at Credit Karma, a Consumer Financial Advocate at Credit Karma and oversees Product Managers at Mint, a popular personal finance application to help consumers cultivate healthy spending habits.