Effects of Financial Stress
According to a recent American Psychological Association (APA) study, Money is the second leading cause of stress among Americans, just one percent behind “The Future of Our Nation”.
Here are some of the APA’s tips for dealing with financial stress from a 2010 article that still hold true.
With well over half of Americans worried about money and dealing with financial stress, let’s look at some of the major impacts it can have not just financially, but psychologically and physically.
According to Everyday Health financial stress has been linked to migraines, cardiovascular disease and insomnia on the physical side and depression and other mood disorders on the psychological side. When faced with financially stressful situations people begin to struggle in other aspects of their life where they would normally succeed.
Eldar Shafir, PhD, says “The most valuable lesson from our studies is that juggling the everyday challenges of poverty imposes substantial demands on cognitive capacity, leaving ’less mind‘ for other tasks, and plans, and successes.” The APA discusses Shafir’s study further in this article. Financial stress can weigh on minds and cause slippage in other areas of life. This isn’t necessarily surprising information, but it does go a long way in showing how debt and stress can spiral out of control and effect your life as a whole instead of just financially.
To make matters worse, people typically adopt unhealthy coping mechanisms to deal with the stresses that come with financial insecurity. These stresses and ailments can be compounded on by a lack of a decent support system to lean on. An APA study showed that people with stress are twice as likely not to make any changes when they don’t have anyone to talk to about their problems. This infographic illustrates that point along with a few other downfalls that come from stress and a lack of support.
One type of emotional support can come from the help of a trusted professional. The Garbacz Group has been in business for 30 years and has helped lots of different people with their finances through the years. If you’re dealing with financial issues, then pick up the phone and give us a call at 314-991-1303 or contact us online. We’re here to help you and we will tailor our approach to your personal financial goals.