Even if discussing finances is taboo and awkward, we cannot deny that money affects most aspects of our lives. As inflation increases and our purchasing-power decreases, finances have moved even further to the forefront of the average person’s mind. Modern professionals exert increased effort and face greater economic challenges to attain the same life milestones, such as homeownership and leisure travel, that were more readily achievable for previous generations. This is further compounded by the fact that technology has made shopping for anything from the comfort of one’s home just a click away. Hanging onto our money is a greater struggle than ever before!
The age-old cliche says “Money doesn’t buy happiness,” and while a person can experience joy with or without money, it is highly difficult to sustain a feeling of peace and contentment without financial stability. The difficulty of striving for financial stability is often exacerbated by some very human struggles that many of us face.
ADHD and Finances
People who live with ADHD can often face challenges with patterns of disordered spending. Individuals with ADHD are particularly susceptible to impulsive online shopping due to the rapid dopamine release triggered by the convenience and immediate gratification of making purchases with just a click. This quick access to dopamine can reinforce impulsive behavior, making it challenging to regulate spending and decision-making in a digital shopping environment.
Substance Abuse and Finances
Individuals with a history of substance abuse may be vulnerable to the allure of online shopping, as the quick and convenient purchasing process can trigger a rapid release of dopamine. This surge in dopamine provides a sense of immediate reward that can resemble the effects experienced during substance use, potentially intensifying addictive tendencies and making it difficult to control impulsive spending in an online environment. People who struggle with substance use issues may see-saw into another addiction or addiction-like pattern of behaviour, particularly when they are not addressing their core issues or making effective lifestyle changes.
Gambling and Finances
Although behavioural addictions such as shopping, pornography, video games, sex, etc., have not been added to the Diagnostic Statistical Manual of Mental Disorders (DSM), gambling is a recent official addition. The debate as to whether gambling can be classified as true addiction is over. As infinite online gambling options are available, the barriers to addictive spending have diminished astronomically.
Diagnosing Spending Addiction
In an increasingly capitalistic society, it can be difficult to determine whether your spending is an issue. Advertisers prey on our desire to build extensive wardrobes, have immaculate homes, and combat signs of aging. Our data is being sold to ensure that we are being targeted with ads that tempt our personal desires. While there is no formal diagnosis for overspending or compulsive shopping, there is more research being done to learn what we can do to identify these issues and face them head on.
Here are some signs that you might be struggling with overspending:
- Using shopping or gambling to cope with stress, sadness, or other unpleasant feelings and experiences
- Preoccupation with shopping or gambling
- Inability to cease shopping or gambling after earnest attempts to stop
- Financial issues or inability to pay off debts, exacerbated by spending habits
- Feeling regret or guilt after purchasing
- Feeling out of control
- Immediately turning to spending when experiencing negative emotions
If you’re struggling, spending issues can be treated like any other undesirable habit/behavior. Modalities such as Acceptance and Commitment Therapy (ACT) and Dialectical Behavior Therapy (DBT) offer skills to work on creating a better relationship with our thoughts and feelings, manage distress, and maintain better emotion regulation habits. Talking to someone allows you a safe space to identify the core underlying cause of this behavior. Is this a result of your ADHD? Are you coping with sobriety from another addiction? Which pattern of thoughts and feelings contribute to this behaviour.
There is hope and that you are most certainly not alone. Click here for a free Counsellor Match Consultation to be connected with a counsellor that specializes in your specific needs!
Kaitlin is a clinical counsellor whose passion is working with: couples; teachers; clients who struggle with anxiety, depression, ADHD, and similar issues; clients who struggle with disordered eating; clients who struggle with substance use and addiction; prior to that, she spent three years as a classroom English teacher. She has spent the majority of her studies and work in addiction treatment, using ACT, DBT, and existential modalities.
To book with Kaitlin, click here.
Sources:
Fader, S. (2023, December 5). Shopping addiction. Verywell Mind. https://www.verywellmind.com/shopping-addiction-4157288
American Psychiatric Association. (n.d.). What is gambling disorder? American Psychiatric Association. https://www.psychiatry.org/patients-families/gambling-disorder/what-is-gambling-disorder
5W Public Relations. (2024). 2024 consumer report. 5W Public Relations. https://www.5wpr.com/new/wp-content/uploads/pdf/2024-Consumer-Report.pdf
