Posted: 4/13/2016
Parkland psychologist says financial stress can cause physical symptoms
If misery loves company, we are not alone when it comes to financial woes. Studies show that more than 70 percent of us feel stressed about money at some point in our lives. And with the IRS tax filing deadline just days away, lots of Americans are feeling the same pain - literally.
“Worrying about finances not only produces anxiety, but can actually lead to an increase in physical pain,” said Parkland psychologist Karen Frey, PhD, citing research that has found a correlation in the increased rate of complaints about both physical pain and economic insecurity over the past decade.
One study showed a link between the rate of purchase of over-the-counter painkillers and the level of adult unemployment in a household. Households in which both adults were unemployed spent about 20 percent more on OTC painkillers in 2008 than those in which one adult was unemployed.
Research conducted at the University of Virginia in Charlottesville and published in Psychological Science found that unemployed people who were deemed financially insecure were more likely to report experiencing physical pain than employed, financially stable participants in an online survey. Related studies assessed the link between financial insecurity and pain tolerance and concluded that it physically hurts to be economically insecure.
“What we think drives this psychological process is anxiety, fear and stress,” Dr. Frey explained. “These psychological triggers share similar neural mechanisms to those that are linked with physical pain.”
Eileen Chou, lead author of the University of Virginia research project, said, “Results from six studies establish that economic insecurity produces physical pain, reduces pain tolerance, and predicts over-the-counter painkiller consumption.”
Unemployment and economic uncertainty accounts for more than increased physical pain, Dr. Frey noted. A study published in The Lancet Psychiatry in 2015 stated that unemployment was the cause of approximately 45,000 deaths by suicide around the world each year.
Unemployment is only one factor among several serious psychological stressors caused by financial worries, Dr. Frey said.
“Falling income, job insecurity, debt, housing problems, lack of adequate child care and low wages all contribute to anxiety, depression, substance abuse and family conflict,” she explained. “We know that financial problems and depression are linked, so it’s important for people to get professional help and also to take steps to help improve their state of mind.”
Here are some tips Dr. Frey offered for coping with money worries:
- Stay focused on the present. Solving financial problems can be a long-term project so it’s important to take it one step at a time. Getting bogged down in regret for past financial mistakes or worrying too much about the future can prevent people from accepting their current situation and taking steps to improve their lives right now.
- Be positive. Think about the things you are grateful for and that you love about your life. These things are more important than money.
- Face your problems. Pretending that your money worries don’t exist or avoiding them by indulging in alcohol or drugs only makes matters worse. Ask for help and follow the advice offered by a reliable financial counselor. If you’re feeling isolated, depressed or lonely, confide in a friend or family member or seek professional help from a behavioral health expert. Don’t suffer alone.
- Stay active and healthy. Exercise releases endorphins that make us feel better. Physical activities like taking a walk or a jog or playing ball in the park don’t cost anything. Keeping fit and eating healthy foods will help you feel better emotionally as well as physically.
- Stick to your budget. Once you get a financial plan in place, stick to it. Feeling in control of your finances will help you sleep better and feel happier.