Almost 25% of Spaniards are unable to save at the end of the month, which worsens their mental health. This can cause so-called “financial stress”, a feeling that a person experiences due to financial problems, which can be both present and future. Experts indicate that proper financial management can avoid anxiety when faced with unexpected economic events.
According to a study by Real Estate Credit Union (UCI) 1 in 4 Spaniards assure that they will not get savings at the end of the montha situation that can influence the mental health.
Furthermore, according to data from October Barometer of the Center for Sociological Research (CIS)Him 26% believe their personal economic situation is bad or very bad.
Elisabet Ruiz-Dotras, professor of Economics and Business Studies at the Open University of Catalonia (UOC)explains that the financial stress It can occur in situations of real or perceived economic difficulty.
Enric Soler, relational psychologist and collaborating professor at the Psychology and Educational Sciences Studies of the UOC, adds that financial stress in itself is not a variant of stress..
“In any case we can say that a situation of concern for one’s personal economic situation, serious and persistent over time in a context like ours, in which money is essential, constitutes a significant risk factor for suffering from a mental disorder. anxiety”, indicates the expert.
Explain it it is not a disease but rather a consequence of a bad personal or family economic situation that affects the individual’s mental health and generates symptoms related to anxiety or depression.
“We must be careful and not consider it a disease. Diseases are described according to scientific criteria and we are very far from this,” warns Professor Soler.
The consequences of a bad economy
The psychologist explains that it is clear that a bad economic situation can have a real and direct impact on people’s lives.
And although there is more or less general consensus that money does not buy happiness, The reality is that the company is consumer-oriented so what? It generates demands that stress people on different levels.
“The context in which we develop is extremely productive, everything has a price. You have so much, you are worth so much. We have placed all our personal value in the economy. And here is the result,” underlines Soler.
The consumerist pattern resisted more or less well until the 2008 crisis, when it seriously damaged the middle class.
In Spain, 55% of the population belongs to the middle classescompared to 61% in Organization for Economic Co-operation and Development (OECD) countries.
According to OECD data, Spain has lost around 4% of its middle class population since the 1980sin line with a global downward trend of around 1% per decade.
Ruiz-Dotras warns that the middle class is disappearing.
“There is money in the economy and a lot of it has been created in the years when we have had very low interest rates
The result is a tension that is created on people in the form of pressure to meet expectations presented as normal.but they require an increasingly difficult effort to make.
Financial planning as a solution
Professor Ruiz-Dotras explains that, although it does not seem that the situation will be resolved in the short term, The company can avoid financial stress balance between the obvious need to earn money to survive and participation in a consumption model taken to the extreme.
“When there is financial planning, you see the need to save. If there is no planning, stress is generated, because there are unexpected events, things happen. But when we have proper financial planning, we can predict most payments and this gives a feeling of control that significantly reduces financial stress,” says the expert.
In this sense, Financial planning can help reduce and even avoid financial stress.
The expert indicates it Ideal savings would be 20% of incomebut it’s important that, whatever it is, you try to save what you can every month and right when the paycheck is received.
The teacher of UOC Ruiz-Dotras adds that scientific studies show that the Materialism tends to have a negative relationship with happiness.
“People focused on materialism tend to experience less complacency about life, more anxiety and less satisfying relationships, in addition to the fact that, of course, they often spend much more than they should afford,” explains the professor.
The psychologist Enric Soler points out that as long as we remain rooted in the irrational belief that we are worth what we have, we will face a self-esteem problem that, if left unaddressed, will lead to an addiction to possessing material things.
“If this addiction cannot be satisfied, it will lead to anxiety about achieving an unattainable goal and even depression due to the collapse of impossible-to-achieve expectations. All this for not having cultivated personal value in the slightest,” says the expert.
Interview: Confronting Financial Stress in Spain
Time.news Editor: Welcome, Professor Elisabet Ruiz-Dotras and Professor Enric Soler. Thank you for joining us today to discuss a pressing issue that many Spaniards face—financial stress and its implications on mental health.
Elisabet Ruiz-Dotras: Thank you for having us. It’s a critical topic that needs attention.
Enric Soler: I’m glad to be here, too. This subject intersects economics with psychological well-being, which is often overlooked.
Time.news Editor: Let’s start with the staggering statistic that almost 25% of Spaniards cannot save by the end of the month. How does this directly correlate with their mental health, as highlighted in recent studies?
Elisabet Ruiz-Dotras: The inability to save breeds a sense of insecurity about the future. When people cannot manage their finances, it often leads to a state of “financial stress.” This stress can be based on both current and anticipated economic challenges, impacting their overall mental health significantly.
Time.news Editor: That’s enlightening. Professor Soler, you mentioned that financial stress itself is not a variant of stress but a consequence of financial difficulties. Could you elaborate on that?
Enric Soler: Absolutely. Financial stress often emerges from a persistent worry—be it about jobs, bills, or unexpected expenses. It’s important to note that this concern, especially when sustained over time, can heighten the risk of anxiety disorders. However, it’s essential to understand that this isn’t classified as a mental illness but rather a byproduct of adverse economic conditions.
Time.news Editor: So, in essence, the financial environment serves as a backdrop for these stressors. You also mentioned the notion of personal value being tied to economic status. How does this consumer-oriented society amplify such stress?
Enric Soler: In today’s world, our worth is frequently assessed through financial means. With constant reinforcement from societal norms that define success through wealth, individuals feel immense pressure to meet those expectations—even if it means overstretching their resources. As a result, financial difficulties are not just personal issues; they manifest as broader societal concerns that affect individual mental health.
Time.news Editor: This leads to a vicious cycle. Given the current economic climate and the shrinking middle class—now comprising just 55% of Spain’s population, compared to 61% in OECD countries—what solutions can we explore to mitigate financial stress?
Elisabet Ruiz-Dotras: One of the most effective methods is financial planning. When individuals engage in financial planning, they gain a clearer understanding of their finances, which helps in developing a savings strategy. This proactive approach can minimize the stress that arises from unexpected economic events.
Time.news Editor: You’ve both emphasized the importance of financial planning. How can people lacking financial literacy begin to implement such strategies?
Elisabet Ruiz-Dotras: It starts with awareness. Individuals should educate themselves about budgeting and understanding their spending habits. There are numerous resources—books, workshops, and even online courses—that can guide them. Financial education can empower individuals to create budgets that reflect their realities, allowing for savings and reducing anxiety over the future.
Time.news Editor: That sounds like a viable pathway. Lastly, as we look to the future, what advice would you offer to those struggling with financial stress, particularly in these challenging times?
Enric Soler: I would advise individuals to prioritize their mental health as much as their financial health. Recognizing the signs of financial stress is crucial. Seeking support—whether through financial advisors or mental health professionals—can foster resilience. It’s vital to communicate openly with families about financial situations to alleviate burdens.
Elisabet Ruiz-Dotras: Exactly. And it’s essential to remember that financial stability is a journey. Celebrate small victories, be adaptable, and don’t hesitate to reach out for help when needed. Understanding that it’s okay to struggle can lift a significant weight off one’s shoulders.
Time.news Editor: Thank you, Professors Ruiz-Dotras and Soler, for your insights today. Addressing financial stress is critical, and your advice will surely resonate with many Spaniards going through tough times.
Elisabet Ruiz-Dotras & Enric Soler: Thank you for having us. It’s been a pleasure discussing such an important topic!