It’s not an uncommon practice in America to go shopping when stress becomes too overwhelming. There’s even a colloquialism for it — “retail therapy.” But while shopping can provide a short-term emotional boost for some, that high eventually wears off. And for those whose finances were in turmoil before their impromptu shopping trip, it can cause some real damage.
Sadly, 50% of millennials in a recent survey by LendingTree admitted that emotional spending — “retail therapy” — has hurt their financial well-being. And it’s not just millennials — 49% of Gen Zers are in the same boat, along with 44% of those in all age groups.
