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Does financial stress affect your physical and mental health?

17 January 2020
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Does financial stress affect your physical and mental health?

Does financial stress affect your physical and mental health?

(EN) For many of us, worries about money are the biggest source of stress, and far more than family responsibilities. In fact, according to a recent study, 40% of Canadians say they are overwhelmed with debt, while 48% say they have lost sleep because of financial worries. This stress can certainly have a negative impact on your physical and mental health.


There are many sources of financial stress, which can include high levels of debt, living from one paycheck to the next, managing family expenses, difficulty saving to achieve short-term goals, and long-term. In fact, it can affect all workers, regardless of income and age.


If this is your case, be aware that it could seriously harm you. Not only could your credit rating be tainted in the event of default, but also by not paying enough on capital, your debt will not decrease and you will not be able to get out of it.


Effects of financial stress on your physical and mental health

According to the Center for Financial Services Innovation, if you are experiencing financial stress, you are:

Twice as likely to report having poor overall health;
Four times more likely to suffer from insomnia, headaches and other illnesses;
More at risk of experiencing stress in your personal relationships.
Stress (Financial Stress) can also lead to more serious health problems, such as cardiovascular disease, high blood pressure, and mental health problems such as depression and anxiety.



Financial stress affects your work

Stress (Financial Stress) can keep you from focusing on what matters most to you, and it’s not something you can leave at home. According to a Canadian Payroll Association employee survey, almost half of Canadian workers admit that personal financial stress affects their job performance. But it doesn’t have to be that way.



The benefits of investing in your financial well-being

When you invest in your financial well-being, you will gain many benefits, including the following:

Better mental and physical health: Lack of financial stress reduces anxiety.
High productivity: If you do not have financial stress, you will be less distracted. Which will allow you to be more concentrated and productive in your personal and professional life.
Increase Your Self-Confidence: Research shows that increased confidence allows you to better manage your daily finances.
While managing your money may seem like an overwhelming task, it doesn’t have to be. Whether it’s debt, a mortgage, your kids’ education, or retirement savings that concern you, there are free and unbiased resources to help you.

Learn more at canada.ca/money

Does financial stress affect your physical and mental health?

Also Read:  Seven Tips to Keep Food Safe in Your Kitchen

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