As per the American Psychological Association, finance has been a leading cause of stress among Americans since 2007. In fact, it is the top cause of stress according to a 2018 survey by the Northwestern Mutual. Furthermore, 72% of the Americans are worried about money problems.
Like any other type of stress, financial stress too has detrimental impacts. It doesn’t only damage your self-esteem, but it also influences your physical and mental well-being negatively. Wondering how? Here are 6 ways financial stress can affect your health:
1 – Depression
Financial stress can cloud your brain and leave you hopeless. In fact, there is a fine line between it and depression. A Social Science & Medicine report published in 2013 found that financial stress can lead to mood disorders. Additionally, a 2017 research revealed that more financial difficulties are linked to worse depression. Studies also link debt to depressive symptoms.
2 – Poor Digestive Health
Stress and your gastrointestinal health are associated owing to the gut-brain axis. Gut problems cause stress and anxiety and even vice versa is true. A poll showed that those who have higher financial stress are more likely to complain about digestive troubles as well as ulcers.
3 – Heart Disease
A study released earlier this year found that those who have financial stress are about 2x more likely to develop heart disease. Another research conducted on African Americans found that financial stress is a risk factor for coronary artery disease. Furthermore, a 2017 study said that people under a lot of financial stress have 13x higher odds of having a heart attack.
4 – Physical Pain
A Psychological Science 2016 report concluded that financial stress can lead to physical pain. Other studies have also linked unemployment and financial insecurity to higher levels of pain. Debt stress is linked to migraines and backpains. Chronic financial stress can lead to pain in the neck and shoulders as well.
5 – Insomnia
Stress often takes away sleep with worries taking up a major portion in your brain when you go to bed. The Canadian Medical Association highlights that one quarter of the people are having trouble sleeping due to monetary stress. One Ottawa sleep specialist reported that about 50% to 60% of people complaining about insomnia blame finance as the cause.
What You Can Do To Reduce Financial Stress
Looking at the many harmful ways financial stress impacts your health it is crucial to reduce it. Several people resort to smoking and drinking alcohol heavily which can actually further stress and damage health more as well.
To lower your monetary stress, you can go for financial therapy. As per the APA, emotional support of your loved ones can help as well. Don’t forget to discuss your financial concerns with your partner and trusted friends. What’s more, if you find yourself too confused with managing finances consider seeking the assistance of a financial advisor.