MOMMY TALKS PODCAST Episode 10
- MOMMY TALKS PODCAST
The United States has the seventh most stressed-out citizens in the world, according to a 2019 Gallup Survey, despite still being considered one of the world’s wealthiest nations. This is even more puzzling when you consider that the citizens of the other countries listed in the top ten (Rwanda, Costa Rica, Uganda, Sri Lanka, Iran, Albania, Tanzania, the Philippines, and Greece) are stressed about things like safety, survival, and basic human rights.
The fact is many Americans are stressed and the number one thing they are stressed about is money. Money is considered an artifact that helps us run our lives and this leads to a cascade of physical and emotional problems, as well as a lower sense of satisfaction.
In today’s materialistic world full of the facade of social media, portraying unmatchable living standards, many attempt to portray a certain lifestyle that they may not actually be living based on their current means. It is thought that spending money to go on vacation, eating out at fancy restaurants, and hanging out with friends helps strengthen better connections with these individuals or may even have others aspiring to live as they believe you are from the image you portray to the world.
But all of this comes with a price, and having a lack of money to keep up with an image can create a fear of being replaced, anger issues, and an unhealthy environment for you to live in or rise children in.
This topic has never been more important than it is today when tens of millions of workers have suddenly lost their jobs. Even before Covid-19, 2019 marked an all-time high in credit card balances ($6,194 per American adult) as well as student loan debt ($32,731 per graduate). The average American family carries a balance of between $7,000 and $10,000 on all their credit cards. Over $1,000 per family goes only to paying the interest each year. And that’s just the average–some people owe much more!
Financial and mental instability are common issues that tend to make each other worse, leading to a downward spiral that just gets worse over time. Children who are raised in such an environment face developmental issues due to the financial crisis happening around them and tend to repeat this cycle of stress about money and face mental health issues later in their lives as well.
These trans-generational effects of financial issues associated with mental health problems are inherited from generation to generation until someone discovers the root of the issue and decides to break this cycle.
Financial planning is the best way to combat financial stress, but many Americans prefer to ignore the problem which ultimately only makes matters worse. Research by Capital One and The Decision Lab found that the more stressed Americans are, the less likely they are to make smart decisions when it comes to spending and saving.
Less than a third of Americans currently have a financial plan in writing, according to research by Charles Schwab. More than 40% of them say it’s because they don’t think they have enough money to merit a formal plan, close to 20% say it’s too complicated, and almost 15% say they don’t have enough time to create one.
How Financial Stress Impacts Health
Financial stress is significantly impacting the lives of Americans. A report by Thriving Wallet, a new partnership between Thrive Global and Discover, found:
- 90% of Americans say that money has an impact on their stress level.
- 65% feel like their financial difficulties are piling up so much they can’t overcome them.
- 40% wish they could have a ‘fresh’ financial start.
- 40% say managing their money on a daily basis limits the extent to which they can enjoy their day-to-day life.
- 25% make purchases they later regret when experiencing significant stress.
Financial stress can lead to poor physical health. Ongoing stress about money has been linked to migraines, heart disease, diabetes, sleep problems, and more. Left untreated, these conditions can lead to life-threatening illnesses, which can plunge you even further into debt with medical bills being added to the pile.
The same report mentioned above by Thriving Wallet asked Americans to report negative finance-related impacts on health and found that financial stress effects:
- Physical Health (21%)
- Blood Pressure (17%)
- Respiratory Symptoms (15%)
- Somatic Issues (20%)
- Rates of Tension (25%)
Nearly 35% of Americans report losing sleep to financial stress, and almost 25% of them experience symptoms such as insomnia, broken sleep, fatigue on waking, nightmares, and night terrors.
Financial Stress And Its Effects On Personal Relationships
In addition to affecting your health, financial stress spills into our personal lives in many ways, affecting the quality of our close relationships. When it comes to stress in relationships, money often plays a pretty significant role. Money problems are stressful in and of themselves but combine that with the fact that so few people are willing to have open, frank conversations about finances, and things can get really ugly.
When people are stressed, they become more withdrawn and distracted and less affectionate. They also have less time for leisure activities, which leads to alienation between partners.
“Couples with extreme financial stress tend to have lower levels of satisfaction in their relationships,” TheNest.com summarizes. “Emotionally strained by their financial struggle, some people become more hostile, irritable or uncommunicative toward their spouse.
Many couples even point fingers at one another for their financial downfall.” As a result, a significantly large number of women make the decision to stay in relationships that are unhealthy and even border on dysfunctional, all due to the fear of not being financially stable on her own. Covid-19 pandemic has been able to disrupt even some of the best financial plans and it may come as no surprise that according to divorce attorneys once this pandemic subsides there’s an anticipated increase in the number of divorces that will take place.
Some of the stress people are currently experiencing is unavoidable since millions of workers and business owners could not have known their income would be so abruptly and significantly impacted. Nevertheless, the question now is: How do you reduce your financial stress and improve your mental health?
How to Reduce Your Financial Stress & Improve Your Mental Health
