Episode 115: The Money-Stress Habit Cycle

In the latest episode of Making Cents of Money, learn about the habits that can impact your financial decisions and how stress plays a role in spending. Show Notes: Mental Health Crisis Resources: Illinois Department of Central Management Services’ Crisis Resources: https://cms.illinois.gov/benefits/stateemployee/bewell/mental-health/crisis.html • World Health Organization – Mental Health: https://www.who.int/health-topics/mental-health • National Alliance on Mental Illness (NAMI): https://www.nami.org/ American Psychological Association. (2015, February 4). American Psychological Association survey shows money stress weighing on Americans’ health nationwide. Retrieved from https://www.apa.org/news/press/releases/2015/02/money-stress American Psychological Association. (2023). Stress in America 2023: A nation recovering from collective trauma. Retrieved from https://www.apa.org/news/press/releases/2023/03/stress-in-america Falconier, M. K., & Epstein, N. B. (2011). Couples experiencing financial strain: What we know and what we can do. Family Relations, 60(3), 303–317. Gelman, A., & Kliger, D. (2021). Effect of time-induced stress on financial decision making in real markets. PloS One, 16(11), e0123740. Heo, W., Cho, S. H., & Lee, P. (2020). APR Financial Stress Scale: Development and validation of a multidimensional measurement. Journal of Financial Therapy, 11(1), 2. https://newprairiepress.org/jft/vol11/iss1/2/ Lazarus, R. S., & Folkman, S. (1984). Stress, appraisal, and coping. Springer Publishing Company. Narayan, A. (2024). The impact of financial stress on workplace harassment and discrimination. Management Science, 70(4), 2447–2458. Ong, A. D., Sturgeon, J. A., Arewasikporn, A., Okun, M. A., Davis, M. C., & Zautra, A. J. (2015). The psychosocial context of financial stress: Implications for inflammation and psychological health. Psychosomatic Medicine, 77(2), 187–194. Porcelli, A. J., & Delgado, M. R. (2009). Acute stress modulates risk taking in financial decision making. Psychological Science, 20(3), 278–285. Shafir, E., Mullainathan, S., & Shafir, E. (2013). Scarcity: Why having too little means so much. Times Books. Van Boven, L., & Gilovich, T. (2003). To do or to have? That is the question. Journal of Personality and Social Psychology, 85(6), 1193–1202. Wilke, J., & Boden, J. M. (2021). Financial scarcity and financial avoidance: A prospective study. Journal of Economic Psychology, 87, 102408. Mental Health Crisis Resources: Illinois Department of Central Management Services’ Crisis Resources: https://cms.illinois.gov/benefits/stateemployee/bewell/mental-health/crisis.html Relevant Podcast Episodes: • Money in Relationships: https://soundcloud.com/idfpr/money-and-relationships • Financial Socialization: https://soundcloud.com/idfpr/episode-99-financial-socialization • Investing: https://soundcloud.com/idfpr/episode-57-investing-to-reach-financial-goals • Budgeting: https://soundcloud.com/idfpr/mcom-ep20-budgeting-final • Probably Inflation: https://soundcloud.com/idfpr/episode-30-inflation