The American Psychological Association says that approximately 72 percent of Americans worry about money.
In fact, money worries are the leading cause of stress among Americans today as they feel the crunch of rising inflation and cost of living. The financial strains continue to rise for middle and low income households in America and with them, so are the stress levels.
This is a pretty significant statistic since financial stress can evolve into a much more serious issue, affecting your mental and physical health and leaving you feeling discouraged and losing focus.
With multiple studies confirming the link between stress and your physical health, check out some ways financial stress can manifest in other parts of your life and more importantly, what you can do about it.
The Manifestation of Anxiety
The rising debt and credit card balances can weigh heavily on your mind and with the mounting pressure to pay on time and deal with the interest rates attached, it is easy to find yourself anxious about your financial future or feeling panicked.
In 2017, a survey conducted by Northwestern Mutual showed that over 25 percent of millennials found the financial stress affected their job performance and the same amount had found themselves feeling physically ill due to financial anxiety.
The anxiety that can come with financial stress can manifest itself in many ways, from nausea and other physical symptoms to depression and lack of motivation.
Loss Of Sleep
Often those who are financially stressed struggle to maintain a consistent and calm sleeping pattern. In 2012, financial worries were driving an increased loss of sleep amongst Americans and in 2015, 6 in 10 Americans were struggling to sleep at night due to either at least one financial issue.
The loss of sleep can lead to even more side effects for your health. Many Americans are finding themselves unable to shut your mind off at night and worrying about either loss of the jobs, financial security or repayment of debt. Before they know it, it’s 5am and soon it is time to get ready for work.
However, the loss of sleep not only depletes your energy levels but can also affect both your immune and cognitive abilities. Part of what is driving this is a lack of financial literacy and knowledge of their options.
Over 40 percent of Americans with federal loans were behind or not making payments in 2016. As they grapple with rising costs of education, the importance of financial knowledge should not be underestimated.
Whether it is credit card loans or student loan woes, there are a host of rate and loan comparison platforms for borrowers available today.
Lowered Coping Choices
Lastly, as we grapple with financial stress, many of us can turn to unhealthy habits and behavior to cope with it.
Comfort eating, drinking and smoking are all common amongst those that are highly stressed. Past research has shown that smokers are less likely to quit smoking and other studies in 2009 showed that increased weight gain was linked to increased stress, in the form of difficulty paying bills.
Tackling Financial Stress
The first step to dealing with financial stress is to understand your debt and choices. After that, it is time to make a plan whether it be a debt repayment plan or a household budget.
Taking these simple steps will help you to feel more in control of your finances and removes some of the questions that may cause the constant worrying. Take a few hours and do your research.
Get to know your finances and the terms that comes with it. One common thing you can do immediately is to draw up a household budgeting plan and look at ways to cut expenses.
Finally, incorporate stress relieving techniques into your daily life such as meditation. If you do find yourself still unable to cope, know that there is help out there.
Financial planners and information on the help available are widely available online and easy to access. It all begins with taking control of your finances.