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Economic Worries Tax Out Americans
With cash-strapped Americans already worried about the
effects of an economic downturn, the April 15 deadline to file federal
income taxes may seem overwhelming or frightening, especially for those
who fear that they will owe the government money.
The American Psychological Association (APA) cautions that
while this time of year may seem excessively difficult, relying on
harmful behaviors to alleviate stress may contribute to physical and
emotional health problems in the future.
"The nation's troubled economy is causing a strain
not only on wallets but also on how stressed we feel," said Dr.
Stephanie Smith, a Colorado psychologist. "Many of us bury our heads
in the sand because our finances are so overwhelming. This can just make
the problem-and ultimately our anxiety about the problem-worse. Start
small and start somewhere. Think of tax-filing time as an opportunity to
evaluate your financial situation and money habits and figure out ways to
change."
Money is a leading concern for most Americans. According
to APA's 2007 Stress in America poll, nearly 75 percent of Americans say
work and money are two significant stressors in their lives. And as the
nation faces a possible recession, more Americans may feel panicky about
their future, leading to an increase in stress about their finances and
job.
The survey also reveals that many Americans choose
unhealthy ways to cope with their stress. More than 40 percent say they
overeat or eat unhealthy foods during stressful times, 48 percent have
lost sleep, and two-thirds of smokers report they smoke even more.
"It's tempting to turn to bad habits, but stress and
health are so strongly linked that it's important for people to take care
of themselves," said Dr. Nancy Molitor, a Chicago-area psychologist.
"Engaging in unhealthy behaviors usually makes things worse and then
distracts you from making the necessary changes in your financial
situation that could ultimately make life better."
APA offers these strategies for managing financial stress:
Identify your stressors and make a plan. Take a look at
your particular financial situation and what causes you stress. List
specific ways you can reduce your spending. Although this may seem
daunting, putting things down on paper and committing to a plan can
reduce stress.
Examine your priorities. Ask yourself what
your money goals are. If your priorities are not matching up with your
spending habits, this can be a source of anxiety and conflict, especially
between partners.
Talk about your worries. We tend to be secretive about our
financial situation, especially when things aren't going well, and this
can lead to more stress. Open up to your partner, a trusted friend or
family member about your concerns.
Recognize how you deal with stress related to money. Some people
deal with stress by comfort eating, smoking, drinking or gambling. Pay
attention to how you manage your stress, and consider the damage that
negative coping methods can do to your health.
Substitute healthy for unhealthy ways to manage stress. Healthy
stress-reducing activities can be inexpensive and quick-like taking a
short walk, meditating or talking things out with friends or family. If
you're feeling overwhelmed by talk of the economy on the evening news,
turn it off. Remember that unhealthy behaviors develop over the course of
time and can be difficult to change, so focus on changing one thing at a
time.
Credit counseling services, tax advisors
and financial planners are available to help you take control over your
money situation. If you continue to be overwhelmed by stress or the
unhealthy behaviors you use to cope, you may want to talk with a
psychologist who can help you address the emotions behind your financial
worries, better manage stress and change unhealthy behaviors.
Psychologists are experts trained to understand the connection between
the mind and body as well as the factors that promote behavior change.
Copyright American Psychological Association 2008
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