Photo by Fabian Blank on Unsplash
As the concerning rift between the middle class and one percent of the U.S. population continues to grow, financial insecurity is beginning to become a lot more common. Almost 40 percent of Americans are not able to comfortably pay for a $400 emergency. With the constant threat of someone’s car breaking down, a pipe burst, or a trip to the emergency room – it seems almost impossible to not persistently worry about the possible scenarios that can threaten someone’s financial stability. This everyday stress can lead to devastating impacts on a person’s mental and physical health.
The Demographic Most Impacted
People without a college degree, communities of color, and women are those who most commonly face financial insecurity. This is a consequence from years of workplace inequality, which still hasn’t been properly addressed or solved. This demographic are more likely to see a drop in income because of the current labor market challenge. Women outpace men in higher education, but now hold nearly two-thirds of the outstanding student debt. The gender pay gap has made it difficult for women to pay off their debt, because they are paid 82 cents to every dollar earned by men. Being aware that one of the possible reasons to not being financially stable is because of one’s gender, skin color, or lack of financial ability to receive a higher education, can result in tremendous stress that could mentally drain anyone.
Impact On Mental Health
About 68 percent of financially insecure Americans say that they experience anxiety. Many fear judgement for not being financially stable, so they choose to keep all of their worries to themselves. This can result in immense strain on someone’s mental health as one attempts to “keep it all together” on their own. This can also cause a feeling of inferiority. With social media promoting a materialistic culture, some feel like they don’t fit in. This is because they cannot afford certain brands, vacations, etc. Consequently leading some to feeling inadequate, which can contribute to feelings of depression and low-self esteem. Instead of looking forward to the future, people who face financial instability may feel an overwhelming sense of stress and fear.
Impact On Physical Health
Not only is financial insecurity mentally draining, it can have a negative impact on someone’s physical health as well. Studies have shown most Americans who are financially insecure, do not look after their health as much as they should. Those that have financial stressors and worries typically don’t see their health as a main concern. Ongoing stress about money has been linked to migraines, heart disease, diabetes, sleep problems, and more. Even with these health issues, people who are financially insecure avoid going to the hospital in order to prevent deteriorating what financially stability they do have. Approximately 29 percent (95 million people) of American adults held off seeking medical care in 2018 because of cost.
Coping With Financial Insecurity
Preventing stressfulness when financially insecure can feel nearly impossible. Fortunately, there are ways to cope in order to take care of your mental and physical health. It’s important to share financial concerns with a trusted friend or family member. Attempting to keep all that stress within oneself without a release, can become very exhausting. Below are stress relievers that don’t cost a thing:
- Breathing exercises – This works well by calming your physiology and preventing damage due to chronic stress. Click here to learn a few techniques
- Progressive Muscle Relaxation(PMR) – Developing the ability to relax your body in seconds can help you keep your mind relaxed during life’s most stressful moments. Physical relaxation can lead to mental and emotional relaxation.
- Meditation – Meditation is a great way to relieve stress, and can even help prevent future stress by helping you to build resilience. With so many different ways to meditate, anyone can find a technique that best suits them.
- Exercise – This can result in an influx of endorphins. Endorphins can help relieve pain, reduce emotional stress, and offer a sense of well-being.
Contact Us!
Reach out to Step Up For Mental Health if financial stressors become too overwhelming. We provide Peer Support Group sessions online, where we speak to one another and share what impacts us mentally. Step Up also has a Small Grants Program that provides small grants for individuals and families who need professional mental health support for 1-3 months. To see if you qualify, please fill out the form provided on our website. Remember that you are not alone with your financial struggles. A quarter of the American population feels the same way, and it is important to share our struggles so that we don’t allow them to overwhelm us.
