money and stress
Looking for evidence of the effect of financial issues on mental health? We don’t have to look far, says Taylor Alexander, CEO of the Canadian Mental Health Association.
“The serious impact that the financial stresses in the U.S. economy are having on their population demonstrates how deeply finances affect well-being. The U.S. is experiencing increases in domestic violence, concerns about suicide, depression, and a variety of stress-related issues, such as substance abuse. There is no reason to believe that Canada will be affected differently as our economy worsens.”
“Global economic conditions tend to contribute to overall financial stress,” says Michele Nowski, director of disability claims and disability management, Desjardins Financial Security. “In the 2008 Desjardins Financial Health Survey, although 45 per cent of Canadians reported that money was a major source of stress in their life, most respondents said they felt their financial security was good, very good or excellent.
Given what has happened over the past few weeks, you can imagine that those same Canadians are probably not feeling so good about things right now.”
Watching retirement savings accounts decline in value is a source of considerable stress, and that stress often translates into work-related stresses as well. “For older baby boomers, in particular, there may be a greater unwillingness to take risks, less ability to cope with change. They may also be working with colleagues who are showing increased signs of stress. We know from the survey that people were already driving themselves too hard; coming into work sick and exhausted. The impact of financial stress on mental well being ebbs and flows, but this particular economic crisis is one that touched every single individual,” says Ms. Nowski.
Unmanageable stress and unmanaged worry can have long-lasting effects on mental and physical health, quality of life and productivity in the workplace, so it is in the best interests of both individuals and organizations to take a proactive approach to managing financial stressors.
“People first need to be aware of how their finances are affecting them at a personal level,” says Dr. Alexander. “Recognizing the impact of their finances on their mental and physical health can help guard against depression, as well as stress reactions, such as abusing alcohol or medications or having conflict with spouses, partners or co-workers.” (The warning signs of depression are described on CMHA’s website at cmha.ca.)
When signs of depression or stress become apparent, he says, it’s important to take action. “I encourage people to get help, to reach out for appropriate support. Counselling and/or medication may be needed. But simply talking to a spouse, partner or friends about how these stresses are affecting you can be very helpful, as a first step.”
What isn’t helpful, he says, is hiding from the problem. “Stay informed about your finances, so that you can make informed decisions. In times like this, hard decisions may have to be made about your budget and lifestyle. There are excellent professional services available to support people in dealing with debt burdens that have become overwhelming. If there has been a job loss, employment support programs and retraining are available. The main thing is to take control of your personal life and reach out for support.”
It may sound cliché, says Ms. Nowski, but good nutrition, sleep and exercise are often neglected when someone starts experiencing a significant amount of stress, and are three of the most important keys to wellness in times of trouble. “You’re not going to make the situation go away, but sleep, nutrition and exercise will leave you feeling much better overall, and dramatically increase your ability to manage stress.”
In the workplace, employee assistance programs usually offer resources for financial stresses as well as depression, family and social issues, she says. “Employers who don’t currently offer these resources may want to think about introducing them, given the situation and the amount of stress that money issues are causing Canadians today.”
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