Financial stress takes toll on health - By Daniel Ross
You don't need a Ph.D. in psychology
to understand that money is a leading contributor to stress.
Ask anyone who lives paycheck to paycheck and they'll tell
you right away that it keeps them awake at night. If you're
one of them, there are steps you can take to relieve the
stress before it becomes a bigger problem.
It may help to understand that you're not alone. More than a third of the people in New South Wales are affected by financial stress, according to the most recent report on financial stress by Wesley Mission, an organization that offers financial advice and support to the most financially vulnerable individuals. This accounts for approximately 850,000 households.
The report finds that of these households, "half struggle to pay utilities, a quarter have pawned items and a fifth have gone without meals." The findings by Wesley Mission are corroborated by the record number of Aussies who entered into debt agreements during the 2012-13 financial year.
Multitude of factors
Graeme Cowan, author of the Back From the Brink
book series, says financial stress can be brought on by
myriad forces, not simply the everyday burden of having to
stay on top of bills.
Advertising and
social pressures push people into bad buying habits. "They
need to buy things they can't afford in order to make them
feel good about themselves," says Cowan.
He says a person suffering from stress often becomes angry and withdrawn. As a result, relationships with family and friends suffer. "The trouble with the pace of life today is that there is less and less time for balance and less time to look at the various components of our lives to see how they fit together," says Cowan.
Josh Goldbloom knows that all too well. The 33-year-old researcher and computer technician in Melbourne has a girlfriend who's pushing for marriage and financial commitment. His earnings barely cover his expenses, and the thought of a family and mortgage frequently leave him sleepless with anxiety.
"I would like to get married and buy a house soon, sure -- my girlfriend kind of expects it," says Goldbloom. "But in all honesty, and she knows this, I'm in no position financially to be settling down. Don't get me wrong, I do want to get married. But I've got student loans to pay off still. I don't make a lot of money."
While Goldbloom is neither destitute, nor skipping meals in order to make ends meet, his story is emblematic of the subtle ways in which financial stress affects people and those around them.
Turning to others for help
According to Cowan, it's imperative that people suffering
from stress first recognize that they have a problem. Then,
they need to reach out for help -- something many find
difficult to do.
"People have this huge pride thing that prevents them from reaching out for help -- but when they do, they're always surprised by the willingness of people to help them," Cowan says.
The stats back up the charge. According to the Wesley Mission report, a quarter of the population either do not know what they would do if they suffered from financial stress, or would not seek any help at all.
Cowan recommends turning to outside parties for help because the closeness of a family relationship often makes objectivity and honesty difficult.
"When [you] are in the red zone, you do see things in black and white -- you don't see things critically," says Cowan. "When someone is somehow removed from your situation, they're able to help you take a step back and really consider what is going on and what to do about it."
Cowan suggests consulting trusted friends, professionals in the field and any of the free financial counseling services around the country -- a sentiment echoed by Maisie Warburton, coordinator of the financial literacy education program at the Wesley Mission in South Sydney.
"We need to promote financial literacy any way we can," says Warburton. "What many people don't realize is that financial counsellors will act on behalf of the clients to connect them with other services -- financial services, housing services, government agencies -- who will help them out of their predicament."
Take care of your health
It stands to reason that stress can seriously impact your
health. What is not quite so obvious are the ways or the
degrees to which it does.
According to the Wesley report, nearly 40 per cent of people questioned who said that they were very worried about their finances also said that they had become sick or physically ill. Thirty-three per cent of them said that they suffered from, or were diagnosed with, mental illness.
Other effects of stress include:
- Lack of sleep
- Headaches
- Illnesses
- Decreased sex drive
- Emotional highs and lows
- Increased reliance upon vices for stress relief
- Not being able to see problems clearly and objectively.
Cowan has one very quick remedy for stress related tension: Walking.
"A hundred years ago, the average Australian used to walk 13 kilometres a day. Now it's just 3.5 kilometres," Cowan says. "Walking is proven to help alleviate health issues associated with stress. Park your car farther from the train station, if necessary," he advises -- anything to increase the amount of walking you do each day."
Aside from a regular exercise regime, Cowan suggests carving out a time to relax completely -- turn off your cellphone and remove yourself from the pressures of your daily grind. Make sure you take a break at lunchtime: something people are less inclined to do as their workload piles up.
"We need to reconnect with how to relax," says Cowan. "The human body is not a machine. You need to take time to replenish, even if it means adjusting the way that you're working."
While Cowan says professional medical help can be beneficial, he says be careful of the type of professional you seek. Look for people who have proven expertise in the areas of stress, depression and anxiety.
"It's a little known fact that a trainee doctor only gets six hours of training specific to stress and anxiety," Cowan says. "You can't assume that every [general practitioner] has expertise in the area."
Scenario planning
Warburton says people struggling with their finances are
inclined to try to ignore what's happening -- a tactic that
will only last for so long.
"A lot of the people I work with, they don't have the knowledge to ask the right questions. When the bills start piling up, they bury their head in the sand. They don't know who to rely on and what questions to ask."
Cowan agrees and says once you've recognized the causes of your financial stress, it's time to move forward. Start, he says, by keeping your goals grounded in reality.
"Scenario planning is planning for what might potentially happen: ‘What do I do if this happens? What do I do if that happens? What do I do if I lose my job or go bankrupt?'" says Cowan. "Be realistic, though. If you accept what is for what it is, then you're already headed in the right direction."
See related: Financial counsellors help ease debt stress, 5 ways to cure your debt stress