In a recent survey, three out of every four Americans reported being anxious about their financial situation. In a society built on the myth that people can succeed if they simply work hard enough, people who are experiencing financial hardship may blame themselves and feel ashamed of their difficulties.
In a recent paper, Adam Eric Greenberg (Bocconi University, Department of Marketing), Joe Gladstone (University of Colorado), Jon Jachimowicz (Harvard Business School), and Adam Galinsky (Columbia Business School) find that financial shame is a critical ingredient in the poverty trap, the vicious cycle whereby the experience of living in poverty makes it hard to escape.
“Shame can be especially problematic for those already experiencing financial hardship. Psychologists have found that shame causes people to hide from their difficulties. But hiding from financial difficulties has the potential to make those difficulties much worse,” Professor Greenberg summarizes.
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