Anxiety and money: how to control financial anxiety?

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Anxiety and money: how to control financial anxiety?

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2021 was a year marked by many uncertainties and concerns. Several people had to deal with the grief of the loss of loved ones and at the same time with doubts, instabilities at work, anxiety and money.

The entire crisis generated by the coronavirus has drastically impacted all areas of people's lives, increasing financial problems and emotional health.

Because of this, topics like financial anxiety stood out, because in most cases, money is both the solution and the cause of anxiety.

With that in mind, we have prepared this article to talk about anxiety and money and how to control financial anxiety to deal with the issue. You will see:

  • The “fourth wave” of the Covid-19 pandemic;
  • What is the relationship between anxiety and money ?;
  • How to control financial anxiety ?.

The “fourth wave” of the Covid-19 pandemic

The coronavirus pandemic brought not only the virus to society, but also the problems of unemployment and a serious financial crisis. TAll these uncertainties have become “triggers” for emotional suffering.

Called as “Fourth wave” of the pandemic, the current moment is marked by an increase in mental illness. Social isolation, which is fundamental to stop the spread of the disease, has been one of the major aggravating factors of the problem.

According to a study by the University of São Paulo (USP), Brazil is the country with the most cases of anxiety (63%) and depression (59%). Second is Ireland, with 61% of people with anxiety and 57% with depression, and the United States, with 60% and 55%, respectively.

The loss of perspective on the future is often the main cause of these problems, however, anxiety and money are also at the top of the list.

It is no wonder that in Brazil, according to the Consumer Debt and Default Surveyin April 2021, 66% of UK citizens had debts and 77% of them were credit card.

>> If you are part of this statistic, we suggest reading of the article ‘10 tips for using your credit card consciously ‘ with tips for using it intelligently <<

This situation has taken the sleep of UK citizens. Two-thirds of employees reported that mental health problems hindered their job performance during the Covid-19 pandemic.

40% of employees are fighting exhaustion, according to a survey conducted by the provider of mental health benefits Lyra Health and for National Alliance of Healthcare Purchaser Coalitions.

What is the relationship between anxiety and money?

Uncertainties, concerns, loss of perspective, fear. Have you been experiencing any of these symptoms lately? These feelings are common at times like what we are experiencing.

The heavy atmosphere caused by the pandemic is having an impact on people's mental health.

According to an interview given by the psychologist and director of Clínica Plenamente, Maria Alice Fontes, the financial crisis is associated with the fear of not being able to support basic financial needs, the impossibility of having the same standard of living and low self-esteem. due to social distance.

“Stable employment and a secure income predict good mental health”, he says.

Because of this, the charge tends to become increasingly intense and, as a consequence, people may end up having symptoms ranging from depression, increased anxiety, stress, drug use and suicide.

In this scenario, anxiety and money go together. According to Credit Protection Service (SPC) survey, 69% defaulters suffer from anxiety and other disorders, as they are unable to resolve their debts.

Mental disorders such as anxiety still aggravate the financial crisis, as they can cause the person to make excessive purchases. In this way, these unbridled expenses end up worsening the situation, becoming a snowball of problems.

So, how to deal with this situation? The first step in controlling anxiety and money problems is, of course, seek help from a health professional.

But, you can also take some actions in your day to day to learn how to deal better with anxiety and money. See below how to follow.

How to control financial anxiety?

financial-anxiety

Did you know that even with the crisis it is possible to have a psychological well-being and face the situation with more hope? For that, it takes time and effort to deal with money-related situations.

We have prepared some strategies for you to know how to reduce anxiety with money to manage problems with anxiety and money. Come on?

1. Planning is essential

Some people, especially when they are already with anxiety and money problems, tend to spend in a disorderly manner, which ends up aggravating the situation. So the first step is carry out planning to alleviate the problem.

You need to analyze what is aggravating the anxiety. If it is the lack of income, the large number of debts, the uncertainty of the future, etc. It is necessary to identify the triggers and put together an action plan to deal with these issues.

What can you do? Is it possible to save on some aspect? Getting an alternative income for the time of crisis? Debt renegotiation in cash? Assess what is within your current reality.

2. Search for information

We often have financial anxiety problems because we don't know how to have a healthy relationship with money. This is because people are not very knowledgeable about the subject.

Therefore, it is important to seek information from experts to learn how to deal with anxiety and money. Reading some financial articles or learning the main terms on the subject can help you to clarify your concerns.

Read too >>> Financial control methods: what are they and why are they so important?

3. Having hope and thinking positive

It may seem silly, but to overcome something it is important to believe that you are able to do this. Also according to psychologist Maria Alice Fontes:

“People with negative personal beliefs tend to have a relapse of depression and anxiety symptoms in the face of instability in the environment.”

Soon, negative feelings end up feeding financial anxiety and hindering recovery.

4. Pay more attention to money

As we have many fixed accounts, we ended up creating the custom of paying our debts automatically. Thus, we often do not pay attention to what we are really spending.

To be in good financial health it is necessary to analyze the cash flow monthly that comes in and out of your bank account and anticipate what's to come.

This way, you will be able to make the necessary adjustments to your budget to avoid being in the red for months to come.

5. Recognize your own merits

Another important step to learn how to reduce anxiety with money, is learning how to recognize your own progress. Even if you are far from your ultimate goal, any change in behavior is valuable.

So, recognize your merits and realize that you are capable. This will be instrumental in controlling financial anxiety.

As you can see, anxiety and money are intertwined and we know that it is not always possible to avoid debt. Therefore, knowing how to deal with financial anxiety is essential to not get sick.

For this, always seek to plan and determine possible goals so that you can move forward in your achievements.

Increase your team's productivity by reducing financial stress

If you experience problems anxiety and money and deal with financial stress, know that companies, including the one you work for, can help improve financial health.

Get to know the tool HR Consultant UKy and learn how the system that implements the on-demand payment, that is, the employees of a company can anticipate part of their wages when they need it.

This tool is changing the way employees deal with their wages and generating more job satisfaction and motivation.

HR Consultant UKy can be one of the most valued benefits for those who work at your company. Talk to an expert and learn more!

Want to check out other tips on financial health? Follow HR Consultant UK on social media – Facebook, Instagram, Twitter and LinkedIn.

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