On top of the damaging health effects so many have experienced due to the ongoing COVID-19 pandemic, the negative impacts of the virus don’t stop there—it’s also introduced financial instability to countless individuals in America. Whether you missed out on your annual company bonus or are dealing with being furloughed or laid off, financial stress is at an all time high for many Americans. The Commonwealth Fund reported that over 30 percent of Americans say they’re facing negative economic impacts due to the pandemic.
As unemployment numbers continue to rise and fewer jobs are available, you’re certainly not alone if you’re struggling to keep your head above water financially. You also might not realize that the impact of your financial stress could be doing damage to your mental and physical health. Did you know that:
- Close to 2 in 3 adults say money is a significant source of stress in their life.
- 48% of Americans report losing sleep at night due to financial constraint.
- 13% of those reported their ability to pay their credit card debt as the sole cause of their sleep loss.
- 20% of Americans said they felt physically ill at least once a month due to the debt they carry.
- 31% of Americans reported their financial anxiety led to feelings of depression on a monthly basis in 2020.
- 43% of Americans in debt said it negatively affected their sense of direction.
The damage that stress can do to our mental and physical wellbeing is real, and taking measures to manage it’s negative effects is imperative. While your financial situation might not change overnight, there are plenty of simple self care habits you can implement today and start feeling better sooner rather than later.
For example, are you one of the 48 percent of Americans losing sleep at night due to money issues? Start by taking control of your sleep schedule and committing to more consistent sleep. This can do wonders for your energy levels and overall mental state. Although sleep hygiene may not strike you as an act of self care, it’s a simple but powerful habit that really does make a difference in both your mental and physical health.
This is just one example of how simple it can be to take care of yourself and manage your stress levels effectively. For more self-care strategies that can help you fend off the effects of financial stress, this visual designed by CreditRepair outlines additional habits you can start introducing today. Stress is an undeniable part of life, but with the right stress management techniques, you can nourish yourself to become a healthier, more resilient you.