THE CHICKEN AND THE EGG – FINANCES & STRESS

Most people are aware that financial stress can have a detrimental effect on your overall health. But did you know that the inverse is also true?

Research from the Center for Health has shown that the five dimensions of health – physical, emotional, spiritual, social and financial – are linked. So if you are experiencing stress in other areas of your life, your finances may also suffer.

The symptoms of stress include feeling overwhelmed, forgetful, disorganized, unable to focus and exhibiting poor judgment. Stress can dominate thinking, making calculations slower and more difficult. Dealing with stress can make prudent financial decisions difficult.

STRESS & ITS CAUSES

Work and money are typically cited as the leading causes of stress.  

Respondents to the American Psychological Association’s Stress in America survey identified money (75%), work (70%) and the economy (67%) as main sources of stress. And while work - related stress may cause you to feel unable to make financial decisions, working also has a positive effect on your financial future. It provides compensation and benefits that are necessary for you to pay bills today and prepare financially for your retirement tomorrows.

MANAGING STRESS

So, what do you do?

Determine the source of your stress and focus on small sustainable steps to change your situation or learn ways to cope. Forgive yourself if you falter, and take action to get back on track. And don’t forget to engage others – support from family, friends and community can keep you focused, provide resources and improve your outlook.