By Dr. Ali Nikbakht, LMFT, PsyD (Dr. Al)
Financial issues are one of the main reasons why many individuals have sleepless nights. The rent which comes before the salary, the credit card debt that does not reduce, and the unexpected hospital bills – all of these can be sources of worry for countless people across the world. For many people, financial stress is not a temporary phenomenon but rather an ever-present source of stress that does not allow them to relax.
Moreover, financial stress does more harm than meets the eye. It negatively affects not only your savings account but also your mental and emotional wellbeing, social life, physical health, and cognitive functioning. The link between finances and psychological wellbeing is more profound than many people think.
The Mental Health Toll Nobody Talks About
Financial stress doesn’t just make you worried about money. It changes how you think, feel, and function day to day.
Anxiety becomes the default setting.
As your mind is always running numbers on whether or not you have enough food, enough money for your rent, or even enough savings for emergencies, your nervous system remains on edge all the time. This feeling of anxiety that originated from the problem of finances spills into other aspects of life.
Depression creeps in.
Being in a position where nothing you do helps you move forward is probably the most depressing thing that could happen to someone. It leads to a state of hopelessness, which could lead to depression. There is nothing to look forward to anymore, and everything becomes meaningless. In addition, it causes you to become ashamed of yourself, and you withdraw from everything and everyone you once enjoyed.
Thinking gets harder.
Indeed, studies have established that financial pressure tends to shrink an individual’s ability to think. Scarcity consumes much of one’s mental energy, leaving little brain space available for creative problem-solving. This makes it increasingly difficult for one to navigate through their financial predicament, hence creating additional pressure, thus reducing their thinking abilities even further.
Sleep suffers.
Thinking about money late at night is very common. And lack of good sleep only exacerbates other issues such as mood, ability to concentrate, emotion control, and physical well-being.
How Financial Stress and Substance Use Connect
If the pain is prolonged and cannot be solved in any way, then people search for any means that can help them reduce their pain, even if it is only temporarily. This can be seen in those who suffer financially, and as a result, they indulge in drinking alcoholic beverages. In other instances, it may be drugs used to escape the effects of anxiety and stress.
At first glance, this appears to be a rational course of action. The problem, however, occurs when after some time, this solution starts creating its own problems in addition to the previous ones. This leads to the creation of another set of problems along with the initial one; the person is now not only suffering financially but is also indulging in drugs, and consequently faces financial troubles.
This simple piece of advice to quit addiction without criticism is critical under these circumstances because the person doesn’t feel that he suffers from addiction but is someone who is suffering financially and therefore indulges in drugs or alcohol.
When Mental Health and Money Problems Feed Each Other
Another topic, which is rarely mentioned when talking about mental illnesses, is the fact that they only add up to financial problems, and financial problems worsen the state of mind. It is a silent and very vicious circle, indeed.
Being mentally ill can mean suffering from disorders such as depression, which makes people unable to perform their duties at work and manage money adequately. Anxiety makes a person ignore bills and phone calls because it simply cannot cope with that, aggravating the problem even more. Trauma and post-traumatic stress syndrome have a significant impact on how patients perceive money management.
However, financial difficulties create all conditions required for mental illnesses to appear and evolve. Issues related to poverty, instability of housing and food, and so forth are regarded as high-risk factors of suffering from disorders such as depression or any kind of traumas in particular.
Having the opportunity to seek help from professionals regarding this issue is necessary. Proper treatment allows addressing another serious problem.
The Physical Side of Financial Stress
First of all, it needs to be mentioned that the financial stress problem goes far beyond psychological health since there is much about physical health here as well.
Prolonged financial stress results in the ongoing elevation of the level of the hormone cortisol. As a result of the prolonged stress that a person faces because of financial issues, there will be the hormonal imbalance, inflammation, high blood pressure, and even the inhibition of the immune system. People who are financially stressed tend to suffer from diseases more often, recover less quickly, and are prone to severe conditions like heart disease and diabetes.
A hormonal imbalance could play a great role when it comes to women’s stress problems. There is a possibility that the levels of estrogen and progesterone can be influenced because of constant stress. The mood, vitality, regularity of periods, and general well-being can be affected. Since women in this situation cannot pay for medical services, they may fail to identify physical problems and get help in this situation.
The availability of wellness programs that address both physical and psychological stress effects would be beneficial.
What Helps — Practically and Emotionally
There is no quick fix to money stress. Whoever says otherwise is trying to sell you something. However, there are steps you can take that will actually work – both from a money perspective and from a mental wellness standpoint.
Talk to someone you trust.
Money embarrassment exists in silence. Being open about one’s financial troubles, whether to a friend, relative, or counselor, can alleviate the loneliness that comes with it and present solutions that were not previously thought of.
Get support for your mental health.
It may seem paradoxical, especially if you are struggling with your finances, but ignoring your anxiety or depression will make things even more difficult. There are many mental health organizations within the community that operate on a sliding payment scale. Even therapy via the Internet has become more accessible to everyone. Behavioral health services that know how finances impact your mental well-being will help you gain control.
Break the financial problem into smaller pieces.
If you find yourself feeling that money anxiety is too much for you to handle, it may be helpful to try viewing things in smaller steps – such as paying bills, dealing with debts, and making decisions one step at a time.
Address substance use honestly.
If you have been coping with your financial worries with the help of alcohol and other drugs, it might be useful to look at this situation objectively without any shame, but with full clarity. In most cases, it helps people deal with all kinds of problems, including the financial crisis.
Build small stress-relief habits.
Walking, breathing, taking time off from computers, going outdoors – these may not be solutions, but they reduce cortisol levels and provide your body with breaks. This is more important than it seems.
You’re Not Failing — The System Is Hard
The important aspect of this discussion is the fact that a lot of individuals are not experiencing financial distress because of poor decisions, but because the environment and economic systems in which they live are designed in such a way that makes it virtually impossible for them to have stable financial resources. Low-paying wages, high medical bills, and expensive housing markets.
This is an extremely important point to consider, as many individuals see financial distress as something personal, when it’s nothing more than a natural reaction of the individual towards very challenging situations.
Treatment centers like We Level Up programs address co-occurring disorder through providing education on the topic and by incorporating the fact that financial distress plays an important part in mental health and addiction. Seeking professional assistance does not mean giving up.
