From ALICEs to HENRYs, here’s what people on wildly different incomes discuss in therapy

Dr. Ashley Castro, a New York-based clinical psychologist who started Healwise, an affordable and accessible therapy nonprofit, said: “Poverty brings with it so many different kinds of stress.”

She added: “There is a lot that’s out of their control that can be difficult emotionally. It’s just a reality that life can be tough if you don’t have a lot of money.”

ALICEs

ALICEs (Asset Limited, Income Constrained, Employed) are people who earn enough to sit above the federal poverty line but struggle with the cost of living.

“That is not because they don’t have enough, but it’s often because they are overspending or not financially aware,” Williams said.

This may be due to the increased cost of living, which has contributed to many people’s financial insecurity, she said.

Many of Williams’ clients say they also feel pressured to spend above their means in order to keep up with the lifestyles of their peers that they see on social media.

HENRYs

Some HENRYs (High Earners, Not Rich Yet) might seem wealthy to others, but still worry about having enough money, Williams said, because “it’s all relative.”

She gave the example of higher-earning clients who invest in stocks and worry markets could crash at any time, despite that being unlikely.

For example, Hokemeyer helps people who feel “objectified” and “vilified” because of their wealth; who feel pressure to use it in productive ways; and who deal with the “highly stressful and chaotic” process of starting a business.

Well-off children and teens, meanwhile, must often deal with the expectation that they will get into elite educational institutions with intense workloads, Castro said. The pressure to achieve can cause problems with perfectionism and anxiety disorders, as well as depression from a lack of downtime and fun.

Williams said that she sees a lot of guilt and hopelessness in her wealthier clients, because they realize they can’t make as big a difference in the world as they would like to. And, as people live longer, she said that some worry about not having enough money to sustain their lifestyles as they get older.

Wealth can also cause issues within families, she said, with disagreements over wills, estates, and spending on vacations.

According to Hokemeyer, “wealth can be both a blessing and a curse,” but, at the end of the day, “emotions are emotions, pain is pain.”