When it comes to your finances, how stressed do you feel? Are you dropping into a dreamless sleep at night, or does the thought of nightmarish bills keep you up until dawn? The American Psychological Association asked the participants of its annual study a similar question in hopes of analysing the effects of money on mental health. Unsurprisingly, they found that money and anxiety are nasty bedfellows that can affect your night’s sleep.
In the APA’s study, researchers asked respondents to quantify their feelings of stress by assigning it a number from one through 10, with 10 being “a great deal of stress”. Almost three-quarters (or 72 percent) of respondents admitted to feeling stressed about money during the past month, while 22 percent said their anxieties reached an 8 or higher.
Those who scored the highest stress markers were typically earning less money than those who scored low. Though people from all earning brackets worried about money, respondents who made $50,000 or less usually reported higher stress levels than those who made more. These low-income individuals are struggling more with their mental health because they’re making less at a time when inflation and the cost of living are on the rise.
Those that had emotional support from friends or family reported lower stress levels, regardless of how much they earned. Unfortunately, nearly half of respondents (or 43 percent) said they had no emotional support to help them through these rough times.
It can be a challenge to manage financial stress on your own. When the cost of living rises but your income stays the same, you’re stuck counting pennies and fretting over rent with no hope to make savings. As for sudden bills or repairs, you may not be able to cover these expenses because you don’t have a nest egg. Even if you aren’t currently dealing with a broken furnace, the fact that your 20-year-old appliance could croak this winter may keep you up at night.
In a place like Canada, where winters are notoriously cold, you can’t ignore a broken furnace. Without savings, an online payday loan is a faster alternative to traditional loans. Homeowners who find the fastest payday loans Canada has to offer can pay for repairs without worrying about the cold once because they don’t have the typical red tape of conventional personal loans. Without the same complexities bogging down the borrowing experience, lenders of online payday loans can fast-track requests. Their online operation lets companies like GoDay process applications in just five minutes and issue approved loans in just one hour. Though you may not live in Canada, the same rules apply to online lenders anywhere. They offer a faster, more convenient way to borrow when you need help covering essential bills.
Luckily, the APA’s study wasn’t all doom and gloom. Though many low-income individuals are still topping out at 9 or 10, overall fewer people are worried about their finances. Since the APA’s inaugural report, the average stress level has decreased from 6.2 to 4.9. While 4.9 is still higher than what the APA believes is healthy, this downward trend suggests people are slowly getting a handle on their money-related woes.
If you feel like it’s time to do the same, start talking to your loved ones and look for support, but you need to be prepared to do some heavy lifting. You need to take responsibility for your own mental and financial health. Research ways to reduce debt and improve your savings. These are the first steps to banishing stress from your life.