Financial stress is the stress that comes from not having enough income to pay bills and make purchases. In other words, it is the stress you feel when your salary doesn't cover what you need to live. It harms your physical and mental health, your self-esteem and your satisfaction with life.
When financial stress becomes a major worry, you risk paying attention only to money problems and being unable to focus on or enjoy the rest of your life. According to a survey by the American Psychological Association, 72 percent of adults in the US have experienced financial stress.
How does financial stress affect mental health?
- Insomnia
- Depression. A study by the University of Nottingham in the UK found that people under the pressure of debt are twice as likely to suffer from depression
- Anxiety
- It can also cause relationship problems
How can you cope with financial stress?
- Talk openly about the problems you face with someone you trust
- Work out your expenses
- Make a financial plan
- Manage your stress
