9 Ways Financial Stress Impacts Your Family
Have you ever requested a bill by asking, “What’s the damage?”
Unfortunately, the damage of financial stress can go far beyond a lower account balance. And while many parents think their kids are unaware of money problems, research suggests that 91% of kids from financially insecure homes are attuned to there being “trouble in piggybank paradise.”
So how exactly does financial strain impact the family?
1. Amplifying anxiety
That student loan balance glaring at you, those stacks of bills spilling from the mailbox – money problems can make you feel like you don’t have a handle on your life, and that lack of control can cause symptoms of anxiety including panic attacks, nightmares, chest tightening, and shortness of breath.
2. Deepening depression
Fears of foreclosure or threats of bankruptcy would give anyone the blues. But the feelings of hopelessness brought on by financial stress can quickly spiral into severe depression and even suicidal thoughts or behaviors.
Is financial stress making you or someone you love feel hopeless? Schedule your free 15-minute consultation to learn about our psychological testing services
3. Preventing productivity
Financial stress can put a serious damper on a person’s work or school performance. Stressing over mounting debt can make it hard for parents to engage with clients or bring their A-game in meetings. Kids can’t focus on homework or tests if they’re worried about losing their home or not having enough to eat.
4. Igniting “fight or flight”
Extreme stress can activate your fight or flight response, causing you to become irritable and defensive or to avoid confronting your problems altogether. This can lead to “dollar sign denial” where you avoid opening bills, viewing bank statements, or monitoring your credit. Unfortunately, denial just causes your financial problems to snowball and your stress to grow.
5. Increasing illness
Stress isn’t all in your head - it creates imbalance and dysfunction throughout your body. Without managing stress in healthy ways, financial worries can lead to a variety of physical health problems including:
Heart attack/disease
Head and body aches
Acne
Eating disorders or excessive weight gain/loss
Ulcers and other gastrointestinal issues
Sleep disorders
Diabetes
Hair loss
Cancer
High blood pressure
6. Blame, shame, & family strain
Since society pressures men to be “bread-winners,” money problems can make dads feel like failures and cause them to become withdrawn or hostile. Moms, single or married, may feel the need to take on additional work or sell prized possessions to stay afloat. The strains on both parents can increase frustration, feelings of guilt, and marital tension.
7. Harmful communication
While it’s important to talk with children about money and healthy spending, financial stress can cause parents to put unfair burdens on their kids such as:
Using money to control or manipulate them
Having kids answer debt collector calls
Making kids act as messengers on financial issues between spouses or exes
Venting to kids about financial fears
Only speaking to kids about expenses without explaining the family’s ability to pay for them (this can also harm kids in homes that are financially secure)
8. Consequences for kids
Financial stress can feel all-consuming, causing parents to be less nurturing and responsive to their kids’ needs. In turn, financial insecurity puts kids at greater risk for:
Mental health problems
Social problems
Low self-esteem
Reduced career aspirations
Fights with parents
9. Putting health on hold
It’s hard to spring for eye exams, physicals, or counseling when you’re worried about keeping the lights on or affording school tuition. However, emotional support is one of the most effective ways to regain footing and reduce financial stress. While you may not be able to solve all your financial troubles overnight, our Diagnosticians can provide a psychological evaluation to guide you toward your next step in achieving emotional health.
So you know you need help, but aren’t sure how
to find the right help?
Picking a therapist or type of therapy can be confusing, and “trial and error” with the wrong therapist can cause many families to feel overwhelmed and give up on seeking help.
Our Diagnosticians can provide psychological testing to remove the guess-work and guide you on your best path toward mental wellness.
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More about Variations Psychology
Variations Psychology is a group practice specializing in diagnostic testing to identify psychological conditions.
Our comprehensive evaluations test for conditions that impact mental health and development such as ADHD, autism spectrum disorders, depression, anxiety, learning disorders, and developmental delays.
In addition to diagnostic services, we offer Independent Educational Evaluations (IEEs) of K-12 students to assess needs for accommodations in school. IEEs provide an objective second opinion on existing IEP and 504 Plans.
For K-12 and post-secondary students, we offer evaluations to assess needs for accommodations on standardized tests, college entrance exams (e.g. - SAT, ACT, AP Exams), and graduate and professional licensing exams (e.g. - MCAT, LSAT, GRE, CBEST, NCLEX, GMAT, CA Cosmetology Exam, CA Contractors State Licensing Exam, CA Bar Exam).
Schedule your free 15-minute consultation to learn how our diagnostic services can support you and your family.
Variations Psychology is located in Newport Beach, CA and provides psychological testing to residents throughout Orange County and its surrounding areas including Newport Beach, Newport Coast, Irvine, Shady Canyon, Laguna Beach, Laguna Hills, Coto de Caza, Corona del Mar, Costa Mesa, Yorba Linda, Dana Point, Laguna Niguel, Aliso Viejo, Mission Viejo, Pelican Hill, Crystal Cove, Rancho Santa Margarita, San Clemente, Lake Forest, Huntington Beach, Sunset Beach, Seal Beach, and more.
References:
Bethune, S. (2015). Money Stress Weighs on Americans’ Health. American Psychological Association. Vol. 46, No. 4. Retrieved from https://www.apa.org/monitor/2015/04/money-stress
Choi, L. (n.d.) Financial Stress and its Physical Effects on Individuals and Communities. Federal Reserve Bank of San Francisco. Retrieved from https://www.frbsf.org/community-development/files/choi.pdf
Davis, Christopher & Mantler, Janet & Doyle, Brian & Sc, B & Ca, Mba & Cirp, Cfe & Or, Paul & Salewski,. (2004). The Consequences of Financial Stress for Individuals, Families, and Society. Centre for Research on Stress, Coping, and Well-being. Carleton University. Retrieved from file:///C:/Users/Heather/Downloads/The_Consequences_of_Financial_Stress_for_Individua.pdf
Face the Numbers – Moving Beyond Financial Denial (n.d.) American Psychological Association. Retrieved from https://www.apa.org/helpcenter/financial-avoidance
Financial Distress & the Family. (n.d.) American Association for Marriage and Family Therapy. Retrieved from https://www.aamft.org/Consumer_Updates/Financial_Distress.aspx
Money and the family: Creating good financial habits. (n.d.) . American Psychological Association. Retrieved from https://www.apa.org/helpcenter/money-family
Klontz, B.T.. Britt, S.L., Archuleta, K.L., Klontz, T. (2012). Disordered Money Behaviors: Development of the Klontz Money Behavior Inventory. The Journal of Financial Therapy. Vol 3, Issue 1. Retrieved from https://www.psychologytoday.com/files/attachments/34772/disordered-money-behaviors-development-the-klontz-money-behavior-inventory-jft-2012.pdf
Shinn. M.M. (2018). Hold Your Pee-Pee! 12 Tips to Help Your Child Manage Impulsivity. Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/blogs/could-my-teen-have-autism
Shinn. M.M. (2019). How Do I Talk to My Teen About Drugs and Alcohol? Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/blogs/how-do-i-talk-to-my-teen-about-drugs-and-alcohol
Shinn. M.M. (2018). How to Stop Anxiety in its Tracks. Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/blogs/how-to-stop-anxiety-in-its-tracks
Shinn. M.M. (2019). My Kid Might be Held Back a Grade – What Do I Do?! Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/blogs/my-kid-might-be-held-back-a-grade-what-do-i-do
Shinn. M.M. (2018). Preventing Student Suicide with Just a Few Simple Questions. Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/blogs/preventing-student-suicide-with-just-a-few-simple-questions
How to Cite This Blog Article:
Shinn. M.M. (2019). Why is My Kid Struggling So Hard with Math? Psychologically Speaking. [Variations Psychology blog post]. Retrieved from https://www.variationspsychology.com/test-blog/9-ways-financial-stress-impacts-your-family