News
Expert tips on managing financial and workplace stress – A Breaking the Stigma special
NEW YORK –– In some cases, experts say stress can help keep you alert and motivated. But over a long period of time, it can affect your health, work performance and even your ability to manage your finances.
Last year, 77% of workers reported experiencing work-related stress within a month, according to the American Psychological Association. Similarly, 72% of Americans said they felt stressed about money.
Concerns about workplace stress
“When people are stressed at home and with their kids, it creates more stress for them in the workplace… They are reactive. Dr. Frank Anderson, psychotherapist. “It’s just a vicious cycle.”
“Workplaces have an obligation to care for their employees, not just as employees, but as human beings who show up. Because untreated anxiety, depression, PTSD and chronic stress can affect team productivity and communication,” Dr. Depierro, associate professor of psychiatry at the Icahn School of Medicine at Mount Sinai. “And it’s a big, very strong contributor to turnover.”
Studies show that just having access to nature can really help a person decompress and reduce stress during the day.
Financial stress can lead to significant impacts
The “bottom line” is something that also affects almost all of us: money, no matter how much or how little we have. Financial stress is real and can lead to significant impacts on our physical and mental health, professional performance and personal relationships.
“Money doesn’t really care who you are. It doesn’t care what color your skin is, or how much money you make, or how little money you make, where you come from. We all have to deal with money issues, don’t we? matters,” said financial therapist Aja Evans.
Experts agree that financial stress can have a direct impact on physical and mental health, saying it can lead to drug or alcohol abuse, poor sleep and increase the risk of depression and anxiety.
“One of the things I see a lot… is shame. People feel so ashamed of what they did with their money, what they didn’t do with their money, why didn’t I know? and they decide, I don’t want anyone to know this about me, so I’m not going to open my mail, I’m not going to have these conversations,” Evans said.
Experts say talking to other people is essential. This can lead you to finding help, getting answers, and putting you on the path to fixing your financial situation. They say reach out to friends and family. Sometimes, even workplaces offer loans or grants to employees in need.
Stress is a fact of life
There is often overlap in the stress we face every day. This can spread back home, impacting relationships and even the way we live our lives. Financial stress can affect critical decisions about having enough money for housing, utilities and food, and make us nervous about the affordability of everyday life. All of this can also lead to more pressing issues surrounding mental health
“This can have a cumulative effect,” Depierro said. “This can have a multiplicative effect. So one stressor on top of another is not just two plus two, but it can actually amplify.”
Experts say additional stress can sometimes develop into problems with depression, alcoholism, addiction and even suicidal thoughts.
Managing stress
Change can be difficult and scary, but it has to start with you. Use physical and mental health resources available in the workplace. Reach out to the people who care about you, speak honestly with a manager about your workload. Check online for free or low-cost therapy.
Most importantly, take care of yourself. Find a minute or two – or 10 – to decompress and breathe.
The same goes for finances. Make a budget and stick to it. Save $5, or whatever you can, every week.
If you can do some of these things, you can leave some stress behind and put yourself on the path to financial and workplace well-being.
To learn more about all this, watch our special report “Breaking the Stigma: Managing Financial and Workplace Stress” in the video above.