According to recently released results of a survey conducted by the American Psychological Association (APA), nearly three fourths of Americans are experiencing extreme financial stress. The majority of these are parents, younger generations and lower-income households. The survey issued is entitled “Stress in America: Paying with our Health” and it shows that higher stress levels lead to troublesome health problems. You can view the entire report here. The study correlates people with lower incomes and higher stress levels and suggests that they tend to spend more of their time watching television or surfing the net and overeating, drinking more and smoking. This stagnant behavior and increase in bad health habits can lead to an overall grim picture of health.
Many of these same individuals surveyed reported skipping doctor’s appointments or other healthcare necessities due to the additional costs involved. The APA reports that the added financial stress can also cause existing health conditions to worsen. The report also highlights that significant sources of money related stress include paying for unexpected expenses, paying for necessities and saving for retirement. Debt overload can prevent working Americans from reaching these financial goals, causing even more stress.
The good news found within this survey is that people who have some emotional support report a lower level of stress caused by finances as opposed to people who have no emotional support who reported higher levels of stress due to finances. However, it was further found that stress over money creates strife in marital relationships with a third of adult Americans reporting that money is the major source of conflict in their relationships.
The attorneys and staff at each Bond and Botes office see the toll that that financial stress has on all individuals. We are available to be that emotional and practical support to help you get back on the right track with your financial situation. We will work had to find a financial solution that is right for you and your family. Please call our office nearest you for a free consultation to review your debt and discuss how we can help you relieve this stressful financial burden.