Financial stress - How it affects you and what you can do According to a recent survey by the American Psychological Association, money is a leading source of stress for many Americans. Almost three quarters of respondents (73%) cited money as a significant source of stress in their lives.
The current economic climate, the mortgage crisis and the rising cost of gas and food can all contribute to increased financial stress. This kind of stress is linked to health problems. Individuals who report high levels of financial stress can suffer from a range of stress-related conditions including depression, hypertension, heart attack, insomnia, fatigue, back pain, ulcers, migraines, and weight gain. Anxiety over money can also negatively affect health in other ways:
- Unhealthy coping behaviors — People experiencing financial stress may be more likely to try and cope with their anxiety by smoking, overeating, drinking excessively, gambling or practicing other unhealthy behaviors. This in turn leads to more stress.
- 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 in order to pay for basic necessities like food. Left unchecked, small health problems can turn into large health problems which can be more costly to address or may require time off of work. This also leads to more stress.
- Lost sleep — When under financial stress, people often experience trouble sleeping. This sleep deficit impairs your cognitive abilities and mood. Studies have also shown that when you're sleep deprived your immune system is impacted and it takes longer to heal.
- Unhealthy emotions — Financial concerns can also cause unhealthy emotions that can take a toll on health. People can experience anxiety, frustration and a sense of hopelessness as debt piles up and increasing amounts of money are needed just to pay the interest on loans and credit card bills. Poor coping with this stress often leads to self-neglect.
ResourcesThese resources can help you to address your financial concerns and feel more in control of your life, reducing stress and helping you build a more secure future. - Financial fitness lunch and learn sessions — Bring your lunch and learn critical financial survival skills in these practical sessions.
- Getting and keeping good credit
Date: September 22, 2009
Time: Noon to 1 p.m.
Location: King Street Center, 8th Floor Conference Room
This series is sponsored through a partnership between EAP and Making Life Easier and Health Matters.
- Making Life Easier Program — Making Life Easier is a free support and referral program that provides tools and resources to help you resolve personal issues including coping with financial issues. Counselors such as licensed CPAs and Certified Financial Planners are available to consult with you by telephone. Financial services counseling include:
- Budgeting
- Credit matters
- Estate planning
- Retirement planning
- College planning
- Investment strategies
- Tax issues
- Insurance buying strategies
- Debt counseling
- Bankruptcy
You can also access online information on a variety of financial topics. Go to: www.kingcounty.gov/employees/eap, The Making Life Easier program is free to benefit-eligible employees, their dependent family members, and anyone living in the employee’s household. Call the Making Life Easier Program 24 hours a day, 7 days a week at 888-874-7290.
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