IT HAS LONG BEEN ESTABLISHED that chronic stress can have a major impact on people’s overall health, potentially taking a tremendous toll on their physical, mental, and emotional well-being. And, perhaps not surprisingly, one of the leading causes of chronic stress is worry over finances.
In fact, according to the American Psychological Association’s latest Stress in America survey, conducted in February of 2021, 72 percent of survey participants experienced financial stress at some point in the preceding month—a statistic no doubt amplified in no small part by the ongoing COVID-19 pandemic and all the financial uncertainty it has produced.
How exactly can your health and well-being suffer when you’re overwhelmed by money worries? Here are just some of the ways:
Intense negative emotions
People struggling financially commonly experience a wide range of negative emotions—such as sadness, fear, anger, shame, guilt, worry, and frustration—due to factors such as their limited buying power, escalating debt, the perception that they’ve made poor decisions that also affect loved ones, apprehension over their retirement preparedness, etc.
Studies have also revealed a link between financial difficulties and the development or worsening of mental health issues such as anxiety, depression, and self-harm or suicidal ideation, along with poor coping mechanisms like substance abuse, overeating, or gambling. What’s more, a vicious cycle can arise with declining mental/behavioral health leading to even poorer financial management and planning.
Physical ailments
Chronic financial stress also goes hand in hand with a variety of physical symptoms and maladies. Examples include (but aren’t limited to) fatigue, headaches, gastrointestinal upset, body pains, skin rashes, insomnia, changes in appetite with associated weight gain or weight loss, and even worsening of other chronic health problems such as high blood pressure, diabetes, and heart disease.
Delayed health care
While financial struggles increase the risk of both mental and physical ailments, they can also persuade people to make certain decisions that limit their ability to get timely treatment for these problems. That is, people with money worries often choose to delay seeking health care or forgo taking necessary medications, especially if they have a high-deductible insurance plan or high copays, or if they need a costly medication that insurance doesn’t cover completely.
Interpersonal problems
It has long been established that not being on the same page when it comes to money—how it’s saved or spent, how much debt is tolerable, how much is set aside for a future nest egg, etc.—is one of the biggest sources of conflict among couples. When financial times get really tough and there seems to be no end to the struggle in sight, it can be difficult for even the most committed couple to weather the storm.
Furthermore, it’s not uncommon for people with severely limited financial resources to withdraw from social activity, which not only increases their own stress level but can also lead to additional interpersonal conflicts with family, friends, and coworkers.
It’s important to note that financial instability isn’t just about one’s income level. There are plenty of people of modest financial means who have a high degree of financial well-being—as well as many high-income individuals whose finances are in disarray. In other words, sound financial health is more a matter of proper money management and planning than bringing in a higher paycheck. As the old saying goes, “It’s not how much money you make, but how much you keep.” ✲
