Financial Stress and Your Health (pt1)

The Toll of Financial Stress

Greg Ulmer
October 29th, 2008

Research has shown that over half of all workers have money problems and this has produced financial stress.

• 15% of workers in the United States are experiencing stress from financial problems to the extent that their productivity on the job is negatively impacted;


• 33% of America’s workforce report that money worries sometimes hamper job performance;


• 34% of workers rate their financial stress as high to extreme;


• 53% of workers report dissatisfaction with their personal financial situation;


• 54% of workers worry about how much they owe;

This financial stress and it’s related worry and anxiety has been shown negatively affect health in one or more of the following ways:

• Unhealthy Coping Behaviors: People experiencing financial stress are more likely to numb their anxiety by drinking, smoking, overeating and practicing other unhealthy coping behaviors (including gambling, compulsive spending and uncontrolled or misdirected anger).

 
• Less Money For Self-Care: With less money in the budget, people who are already under financial stress tend to cut corners in areas like health care to pay for basic necessities like food. Small problems can go unchecked and turn into larger problems.

 
• Lost Sleep: When under financial stress, people often experience trouble sleeping, which can add up to a sleep deficit, impairing immune functioning and cognitive abilities, causing additional moodiness, and more.

 
• Unhealthy Emotions: Credit card debt can cause unhealthy emotions that can take a toll on health. People can experience anxiety, frustration and a sense of hopelessness as the debt piles up and increasing amounts of money are needed just to pay the interest.

 

These poor coping and self-neglect issues compound stress. When combined with the rising cost of gas and food, the mortgage/bank crisis, unemployment, underemployment and layoffs, more and more Americans are feeling a menacing amount of financial stress. It’s no wonder financial stress is one of the leading causes of stress in America.

This financial stress often becomes chronic. This is where people begin to see physical symptoms. The first symptoms are relatively mild, like chronic headaches and increased susceptibility to colds. With more exposure to chronic financial stress, however, more serious health problems may develop. These stress-influenced conditions include, but are not limited to:

  Please see Financial Stress and Your Health (pt2) ... Relieving Financial Stress