Financial anxiety is a very real and common problem in the United States —
especially as Americans struggle with the impacts of inflation. According
to the American Psychological Association’s
2022 Stress in America Survey, 87 percent of adults consider the rising prices of everyday items a
significant source of stress.
Why money is so stressful
Everyone has different triggers when it comes to stress. In some
situations, we can avoid or limit our exposure to these triggers, but
money is often tied to our security. You need money to make your rent or mortgage payment, pay for your
commute to work, purchase food, and cover medical costs. Being anxious
about not having enough money may trigger a real sense of danger that can
quickly spiral beyond just the money itself.
It's also important to remember that financial anxiety is not dependent on
how much money you make. Even people who make a lot of money often worry
about rising costs and what would happen if they suddenly lost their source
of income.
Is financial stress impacting your health?
The physical and mental health consequences of financial stress can be
significant. It is a common source of anxiety and depression and has been
linked to many physical symptoms and illnesses, including headaches, sleeping issues, heart disease, and a weakened
immune system. Financial anxiety can also cause people to delay seeking
health care to save money and lead to unhealthy coping behaviors such as
drug and alcohol misuse.
How to manage financial anxiety
If you’re feeling anxious about money, focusing on your physical and mental
well-being can help you manage your stress. Going for a walk or run, doing
breathing exercises, and meditating can all be helpful.
For financial stress specifically, work to take control of your fears.
Building a budget, for example, or working with a professional financial planner can help
you feel more educated about your situation. Your job, health care
provider, or even
insurance company
may have resources available to support your financial well-being.
Because of how essential money is in our lives, financial stress can
quickly turn into a serious problem and spiral out of control. If you’re
struggling financially and can’t see a way out of your current situation,
know that
there are resources available
to help you navigate through your situation. If you’re feeling hopeless or
having suicidal thoughts, call 988 or text HOME to 741741 for free and
confidential support.
