Slipping Back into Old Financial Habits with Dr. Shane Enete

They say that crisis reveals character, and for a brief moment, the pandemic revealed surprising financial resilience.

Many Americans experienced a rare financial reset during that season, as savings rose and debt declined. But five years later, much of that progress has unraveled. Dr. Shane Enete joins us to unpack what changed—and how believers can respond faithfully in a culture gripped by renewed financial anxiety.

Dr. Shane Enete is an Associate Professor of Finance at Biola University and founded the Biola Center for Financial Planning. He is also the author of the book Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy.

The Unexpected Silver Lining of the Pandemic

When the COVID-19 pandemic brought life to a standstill, something surprising happened with our money. Instead of overspending, many Americans buckled down.

Research from the Federal Reserve Bank of Boston and the U.S. Government Accountability Office showed that people used pandemic stimulus checks to reduce credit card balances and cut spending. Simultaneously, emergency fund levels rose to 20-year highs.

With fewer opportunities to spend and greater economic vulnerability, people embraced margin, paid down debt, and began saving like never before. It was a rare moment of collective financial wisdom.

The Return to Old Habits

But that moment didn’t last.

Fast-forward to today, and the picture looks far less encouraging. Credit card debt has now surpassed $1 trillion, and six in ten Americans are uncomfortable with their emergency savings, up from just 37% before the pandemic.

The decline in financial well-being is measurable. According to the CFPB’s 2024 Making Ends Meet survey, the average financial well-being score dropped from 55 to 49. This score reflects how confident households feel about meeting basic expenses, like paying bills and putting food on the table.

Even more concerning: over one in three Americans now carry more credit card debt than they have saved. And 42% say they couldn’t go even one month without income before falling behind.

Why It Matters for Christians

So, what’s going on? Why the backslide? The answer lies not just in behavior but also in belief.

Fear takes over when Jesus isn’t present in our financial decisions. We start believing that we have to carry the full weight of financial responsibility. But Scripture reminds us that we have a good Father and a faithful Shepherd who provides for His children.

As believers, we’re called to live differently—to manage God’s resources with wisdom, margin, and generosity. This begins with a mindset shift from ownership to stewardship.

Many people dread the word “budget”, but we should really see this through a new lens. If budgeting is about tracking God’s provision—your daily bread, your shelter, your gas money—then it becomes an act of gratitude. It’s a moment to declare God’s goodness.”

By embracing this spiritual practice, we open a line of communication with the Lord about our finances. Budgeting isn’t just math. It’s discipleship.

Your Next Step Toward Stewardship

Where do you begin if you want to live this way?

Start simple and track your spending. Shine a light on your habits without judgment. What you illuminate can be transformed. Ephesians 5:13 says, “But everything exposed by the light becomes visible—and everything that is illuminated becomes a light.”

Using tools like the FaithFi app can help you begin this journey. And remember, you don’t have to walk it alone.

Living within your means, avoiding debt, and giving generously stand out in a culture of consumption. They testify to the Spirit’s work in our lives, especially the fruit of self-control.

When believers manage money wisely, they display a beautiful trait of the Holy Spirit. They model a life that’s free, sustainable, and others-focused—the kind of financial light the world desperately needs.

To read Dr. Enete’s full article in the latest issue of our quarterly magazine, Faithful Steward, become a FaithFi Partner today with a gift of $35 a month or $400 a year. Just visit FaithFi.com/Partner to join.

On Today’s Program, Rob Answers Listener Questions:

• My mother, who’s in her 90s, is going to be selling my house, which I’ve owned for over 30 years. It looks like the sale may exceed the $250,000 capital gains exemption. If the profit goes over by, say, $20,000, what happens? How is that taxed, and how soon would she have to address it after the sale?

Resources Mentioned:

• Faithful Steward: FaithFi’s New Quarterly Magazine (Become a FaithFi Partner)
• Heart for Lebanon
• Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

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