Alive with Steve Burns Why Money Stresses Us Out with Megan McCoy
Oct 1, 2025
Megan McCoy, an expert in financial therapy and Assistant Professor at Kansas State University, dives into the psychological side of money. She discusses how childhood experiences with money shape our current behaviors and the concept of generational financial trauma. Megan highlights the importance of separating self-worth from financial status and offers practical tips for managing debt and enhancing financial literacy. Listeners will learn how spending on others can boost happiness and why embracing small financial steps can lead to greater emotional well-being.
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Money Is Emotional Not Just Numeric
- Money carries emotional meaning beyond numbers and triggers fears, hopes, and social judgments.
- Talking about money often reveals anxieties about status, guilt, and shame rather than just finances.
Money Primes Self-Focus
- Thinking about money primes people to become more self-focused and less helpful to others.
- Monetary cues reduce prosocial actions unless empathy or need is made salient to reverse the effect.
Generational Money Messages Shape Us
- Childhood money memories shape adult money emotions through stories and modeling across generations.
- Both big events (Great Depression) and small family reactions create persistent financial beliefs.
