80% of Americans on the East Coast identify money as a significant source of stress in their lives, according to the 2011 American Psychological Association, Stress in America Survey.
And, while the economy, housing market, and job markets remain significant concerns for many, personal finances remain the most common concern for Americans.To a large extent, our lives revolve around money; it determines our housing, our schools, our clothing, our meals, our self-care, anour entertainment. It is closely connected to our education, our employment, and, to some extent, our identity. It is no wonder so many Americans report financial concerns.Financial stress is often overlooked and dismissed as an insignificant, common experience; however, worries about money can have very significant effects on our lives, including our daily functioning, interpersonal relationships, physical health, and emotional well-being.
Personal Impact – Effects of Stress
When we are faced with stressors, we experience physiological, emotional, and cognitive arousal. Activating chemicals, such as endorphins, cortisol, and adrenalin, are released in order to help up rise to the challenge of meeting the demands of these stressors in order to effectively manage them and reduce the tension or distress we are experiencing. This is called the flight- or-fight response. When the stressor(s) are perceived as too great for us to manage or cope effectively, we can feel overwhelmed.
Stress that is acute or chronic may manifest itself physically, emotionally, and/ or behaviorally. We may then find ourselves trapped in a loop of worry, intense emotion, and a lack of ability to take action to successfully manage those feelings or resolve that which is stressful.
To complicate matters, in addition to managing our own physical, emotional, and behavioral effects of stress, we continue to be responsible for our homes, our work, and our families.
Financial stress can create worry about how your financial situation will affect you and your family’s lifestyle, emotional well- being, and future plans. Financial and legal consultants may assist in developing financial plans to protect your assets and secure your future; however, financial worry can be overwhelming. Help yourself cope with some of these strategies.
Tips for Managing Personal Stress - Addressing Stress and Anxiety
Tips for Managing Family Stress – Addressing Finances with Children
When a family is struggling financially, it is challenging for parents to shield their children from their distress.
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» Managing Stress in a Tough Economy – Therapy That Works « the Change Samurai (November 22, 2012)
Financial Stress Takes Physical and Mental Tolls | Mental Health Directory (December 19, 2012)
Last reviewed: 9 Dec 2012