What are your reasons for spending?
Before you head out to the shops today to see what the 'Black Friday' sales have to offer, have a think about your motives for shopping. Why do people spend? It's true that the holiday season is just around the corner and many of us will be looking to get gifts for loved ones, but necessity is not the only reason people spend. Money is often associated with power and success. A study in the Journal of Consumer Research actually saw participants salivating at the concept of money when they were first primed to feel they lacked power. People often believe money will make them more attractive, popular and successful to others. Conversely being in debt and not being able to spend makes people feel powerless and vulnerable. Indeed debt and mental health problems often go hand in hand. Spending is used by many as a form of therapy - it makes us feel better about ourselves. However this type of spending can become habitual as it feeds our deep psychological need...