Over 80% of individuals in the U.S. feel some level of financial stress, and over 60% admit that their worries about their financial security have been the main reason for their stress in 2024. In today’s world, every industry has turned cut-throat, and most people have felt that they need to put their mental and physical health on the line in order to secure their financial situation and remain valuable assets to their workplace. In many cases, this choice comes at a cost. They are exchanging their well-being for financial security.
Financial Stress: Alarming Numbers
The MarketWatch Guides team recently conducted a survey that tackled the impact that financial security has on the mental health of Americans. The results reported that 88% feel some level of financial stress while 65% admit that financial security is the biggest factor of stress in their lives. In addition to that, 94% confirmed they mostly neglect their mental health for the sake of securing themselves financially.
92% confessed that financial stress had definitely backfired on them and resulted in physical and mental ramifications such as insomnia, splitting headaches and migraines, anxiety, compromised immune systems, and even digestive issues. These results lead to the conclusion that financial security and physical wellness are intrinsically connected. People oftentimes, unfortunately, find themselves forced to sacrifice one at the expense of the other.
Why Financial Security is Crucial
Peter Muenning, professor of health policy and management at the Columbia University Mailman School of Public Health, emphasized that financial security would inevitably motivate one to lead a healthier lifestyle, eating cleaner, working reasonable hours, and exercising. “You will likely age more slowly than you otherwise would have,” Muenning said.
On the other hand, financial stress can immensely put one’s health, both physically and mentally, at great risk. Oscar Jiménez-Solomon is a research scientist at the New York State Psychiatric Institute. His main research area is the relationship between financial hardships, income, and mental health. His research revealed that people who cannot pull themselves from under the weight of debts could face an excruciating deterioration in their mental health, struggling with depression and suicidal ideations and behaviors.
“Indebtedness creates two experiences,” said Jiménez-Solomon. “One is a sense of uninterrupted hopelessness….and the other is shame.” In the former, one would feel that they are trapped within an endless maze of desperation, while the latter makes one feel that they are not worthy of support and makes them feel isolated. They blame themselves primarily for not achieving the financial security they strived for. Society often portrays people who are struggling financially in a negative light, and this does not help matters.
Jiménez believed that the first step towards stepping out of this dark tunnel is to create a concrete, realistic, and practical plan in which one can move through this hardship with a hopeful and devoted mindset. “Having a sense that there’s a way out of your situation can have an important financial and mental wellness impact,” he added.
He also emphasized the importance of seeking support as it is a very challenging time to go through by oneself. One shouldn’t be left to their devices if they are struggling to see the light at the end of the tunnel. The support does not necessarily need to be professional. It can be from a confidant, family member, or friend. However, if one does not feel comfortable sharing with someone they know, they can reach out for financial counseling services. These services can walk one through developing a personalized budget, finding methods to monitor their spending, outlining effective plans to pay off their debts, tips on how to build credit, and getting any further needed financial support.
Final Thoughts
You are allowed to prioritize yourself and your wellness over any other aspect of your life, even your financial security. By doing so, you are investing in the greatest asset you have: your health. It can be hard to convince someone of the importance of keeping a balance, but it is crucial to acknowledge it. Do not condemn yourself as a prisoner to your thoughts and remain struggling in silence. Seek support and help from the resources that are available first and foremost to guide and assist in making your life easier financially, mentally, and physically. Everyone goes through rough patches in life, so do not allow that to define who you are or the direction of your life.
Disclaimer: This article is intended simply to provide information. It does not replace the medical advice of a physician. Please speak with your doctor if you have any questions or concerns.
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