Financial Stress and Health: Navigating the Interplay for Wellness
Written by Zalfa Imani
If you’re worried about your financial condition, or simply money, you’re not alone. Worrying about money is a common phenomenon, especially in this era of unprecedented events.
According to the American Psychological Association (APA), a significant 72% of adults indicate experiencing stress related to finances. This stress typically stems from concerns about rent payment or the burden of debt. In the UK, according to a 2022 poll by the Mental Health Foundation, 10% of UK adults felt hopeless about their financial circumstances, 34% felt anxious, and 29% felt stressed about their finances.?
Occasional concerns about money can be manageable up to a certain point. However, prolonged worries can lead to a condition known as financial stress. What exactly is financial stress, though?
What it is, causes, and signs
According to Mental Health and Money Advice, financial stress, also referred to as financial anxiety, is a feeling of worry about your money situation. This encompasses aspects such as your earnings, job security, debts, and capacity to cover both essential and non-essential expenses.
Many individuals experience occasional money-related worries, but this can become a concern when financial stress starts interfering with your daily life. For example, if you’re finding it hard to concentrate or derive enjoyment from other aspects of your life due to excessive money-related worries, then the impacts of financial stress become noticeable.
Financial stress can arise due to many contributing factors. However, as per Health Direct, financial stress is mainly caused by:
Though it isn’t a diagnosable anxiety disorder, financial stress or anxiety can be a contributing factor. Financial stress can also present itself through a number of signs, including:
Financial stress can significantly affect your health
While any kind of stress can impact your well-being, financial stress can be particularly detrimental. Financial stress has the potential to harm your health, as it can contribute to poor mental health, poor physical health, unhealthy coping mechanisms, and delayed health care.
Poor mental health
Often, there’s a cyclical relationship between mental and financial health. According to Verywell Mind, poor financial health can trigger mental health issues, which in turn exacerbates financial struggles, creating a loop. Research has consistently revealed that people in debt experience higher rates of mental health conditions, such as depression and anxiety, compared to those without debt.?
Poor physical health
Financial stress doesn’t only impact your mental health; it also affects your physical health. Persistent financial stress has been associated with a range of physical conditions, including headaches, stomachaches, migraines, heart disease, diabetes, and sleep disturbances.?
When you’re constantly dealing with stress, your body lacks the opportunity to recuperate. As a result, your immune system becomes more vulnerable to illnesses, such as common colds and viruses. If you already have a chronic medical condition, there’s a likelihood of experiencing worsening symptoms or flare-ups.
Unhealthy coping mechanisms
Just like other types of stress, financial stress can also trigger a range of unhealthy behaviors. These may include excessive eating, smoking, and even resorting to alcohol and drug use.?
Delayed healthcare
In 2018, Gallup’s annual Health and Healthcare poll revealed that 29% of American adults postponed seeking medical attention due to financial stress. This suggests that, when facing financial constraints, people grappling with existing financial stress often make compromises in areas that demand immediate action, such as healthcare. While delaying medical attention might appear as a means of cutting costs, it can actually result in even poorer health outcomes and escalated expenses in the future, both of which can worsen stress.
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5 strategies for coping with financial stress effectively
Unmanaged financial stress can take a toll on your health and life in general. That’s why it’s important to employ some approaches that can help you handle this situation more effectively. If you’re currently dealing with financial stress, here are 5 coping strategies to consider!
Identify the primary sources of your financial stress When financial stress begins to take a toll, the initial step is to recognize the specific factors that mainly contribute to your stress. For instance, you might find that bill payments and the cost of essentials like groceries and fuel are your primary concerns. According to Bank of America, this identification will also help you determine your subsequent actions in dealing with financial stress.?
Create a monthly financial plan
Creating a budget plan at the start of each month is a powerful strategy for gaining command over your own financial situation. A monthly budget serves to prevent overspending and facilitates savings for future goals. By obtaining a clear overview of your monthly financial allocations, you can identify opportunities to allocate resources towards addressing sources of financial stress.?
You can also distinguish your expenses into 2 categories: needs (essentials) and wants (non-essentials). Try to make a list of your needs and wants, and then explore ways to streamline or cut your list of wants to ensure that your expenses are sufficient to cover your needs.?
Allocate a portion of your income to an emergency fund
Setting up an emergency fund can significantly alleviate financial stress, especially in the long run. This is because unforeseen expenses can tremendously increase your stress levels.??
Dedicate a portion of your income to create an emergency fund according to your capacity. If the idea of building an emergency fund seems daunting to you, concentrate on maintaining its regularity and envisioning the future advantages it holds.
Practice stress management
Trying to improve your financial situation might stress you out. If you encounter such situations, consider adopting management techniques, such as consuming a balanced diet, getting enough sleep every night, and engaging in stress-reducing activities like yoga. Regularly practicing stress management is considerably influential in cultivating a low-stress lifestyle while addressing your financial situation.
Seek support from others
When facing any form of stress, including financial stress, there's no harm in reaching out to those you have trust and affection for. Engage in conversations with family or friends as a means to alleviate stress. Speaking with the right people can potentially help you become more optimistic about your financial situation.
If financial stress has significantly impacted your everyday functioning, don’t hesitate to consult with Prixa!
Prixa is a pioneer in digital healthcare that helps companies and patients manage their health in more targeted and effective ways. Various health services, from teleconsultation, arranging doctor's appointments, pharmacy delivery, lab tests, and health content, to inpatient services and direct medical procedures, are available in one platform.
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