How Black Friday Can Ruin Your Wellbeing

How we feel about our money influences our wellbeing, both physically and psychologically. In surveys, people often rank their finances as the number one stressor in their life. Feeling financially stressed is not only about not having enough money in the account, it often leads to concerns about the future – like worrying about maintaining our lifestyle, and not being able to fulfil our dreams and goals for the future.  
 
According to Intrum’s ECPR report (2023), 48% will reduce the amount of money they put into savings, due to high interest and inflation. Some will still be able to save, but many people say they will need to adjust their future goals and plans. 
 
Black Friday’s time-limited offers can put stress on us to make swift decisions, and as a result, we can be too impulsive and end up regretting our shopping decisions. How exactly does money stress take a toll on our thinking, feelings, behaviours, and, ultimately, overall wellbeing?  

Mind and body 

Studies show that people who feel financial hardship have a higher risk of falling into mental health issues like anxiety and even depression [1], not least if the hardship is due to overindebtedness [2]. If these psychological issues go unchecked, they can lead to physical symptoms too, like stomach issues, headaches, and sleeping problems [3]. Of course, participating in Black Friday doesn’t have to lead to money problems (like spending more than one can afford) but there are risks if not attentive. That’s why it’s so important to keep track of your spending and only buy within your budget. 

We too seldom acknowledge the connection between money and health. Money is more than just about money. It's about life, and our wellbeing.

Feelings of shame and loneliness 

When experiencing financial struggles, it’s common to have feelings of shame and loneliness. It can feel like you are the only one struggling, and thus, it may feel better to hide it from others. However, people who receive social support when feeling high financial stress can not only receive valuable help with their financial problems, but it can also increase the individual's psychological wellbeing and quality of life[4]. Even if your inner belief is to keep your financial hardship and feelings a secret, telling someone could be exactly what will help you get out of the negative spiral. 

Not being able to keep our current lifestyle can be very stressful. So anyone can experience financial stress, no matter your income level.

Feelings of regret  

If you are like most, you have felt the regret of a purchase at least once in your life. Either you didn’t like the purchase as much when you came home, it didn’t fit as you wanted, or it simply cost too much. According to a study, 82 % of adults in Great Britain have regretted a purchase in the past [5]. Feeling regret is uncomfortable, and we want to mitigate that discomfort. To do this we sometimes convince ourselves that the decision wasn’t so bad and that alternative choices would have created worse feelings. This means that even if we make a regrettable purchase during Black Friday, we are very skilled at convincing ourselves that it wasn’t that bad of a purchase. Yet, an overspend is always an overspend, no matter what you tell yourself.

3 takeaways:

1. Money struggles can cause anxiety, not only because of not having enough money in our bank account but also because of not being able to maintain our lifestyle or fulfil our future goals. 
2. If you feel stressed over your finances, you are not alone. Seek out help and support from friends, family, or professionals.  
3. Take control and write down beforehand what you need respectively want to have. By focusing on the needs, you will more likely avoid the dreaded buyer’s remorse. 

• [1] Butterworth, P., Rodgers, B., & Windsor, T.D. (2009) Financial hardship, socio-economic position and depression: Results from the PATH Through Life Survey. Soc Sci Med, 69(2), 229–37. doi: 10.1016/j.socscimed.2009.05.008
• [2] Hiilamo, A., & Grundy, E. (2020). Household debt and depressive symptoms among older adults in three continental European countries. Ageing Soc, 40(2), 412–38; Fitch, C., Hamilton, S., Bassett, P., & Davey, R. (2011) The relationship between personal debt and mental health: a systematic review. Mental Health Review Journal,16, 153–166. doi: 10.1108/13619321111202313
• [3] Ahlström, R., & Edström, S. (2015). Over-indebtedness and ill-health — A study of how long-term over-indebtedness can affect mental and physical health. Report 2014:16. Karlstad: Swedish Consumer Agency. Retrieved from https://www.konsumentverket.se/ globalassets/publikationer/produkter-och-tjanster/bus- och-kvl/rapport-2014-16-overskuldsattning-och-ohalsa- konsumentverket.pdf
• [4] Åslund, C., Larm, P., Starrin, B. et al. (2014) The buffering effect of tangible social support on financial stress: influence on psychological well-being and psychosomatic symptoms in a large sample of the adult general population. Int J Equity Health, 13, 85. doi: 10.1186/s12939-014-0085-3
• [5] Skelton, A.C.H., & Allwood, J.M. (2017). Questioning demand: A Study of regretted purchases in Great Britain. Ecological Economics, 131, 499–509. doi: 10.1016/j.ecolecon.2016.06.028