Anxiety disorders, a weakened immune system, divorce: these are just a few of the many consequences of financial stress. In these financially difficult times, it is important that we keep an eye on each other, says financial psychologist Anne Abbenes.
Is she worried about her financial situation? Concerns are still mild, says Anneke (66) from Oud-Beijerland. She has sleepless nights. Especially when she thinks of her two children, who both own a house, but have no money left for sustainability. “They also see their energy bills rising all the time.”
Continuous worry
Worries, nerves, sleepless nights: we all suffer from it from time to time. That’s annoying, of course, but if they go away after a while, they usually don’t lead to lasting problems. It becomes problematic if the worries and sleepless nights continue, are with you continuously.
And that happens more than average in these financially difficult times, says psychologist and researcher Anne Abbenes of the Financial Psychology Institute Europe. Among other things, Abbenes conducts research into financial stress, or stress that can arise if you are persistently worried about your financial situation.
Lying awake more than one night
Someone does not experience financial stress overnight, explains Abbenes. Several negative financial events, or in jargon ‘financial tension’, precede this. For example, losing your job and then receiving an unexpectedly high bill.
“Those are stressors: events that cause tension. If those events pile up, as is happening to many people now, financial stress can arise. That is more than a night of lying awake. The less money someone has left at the end of the month, the greater the chance that this ‘tension’ will turn into financial stress.”
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‘Too late to put out fire’
And whoever suffers from it, according to Abbenes, it is not so easy to get rid of it. “Financial stress can lead to anxiety disorders, chronic insomnia, a weakened immune system, problematic behavior in your children and divorce,” says the financial psychologist.
“In particular, an uncertain picture of the future and the resulting hopelessness increases the risk of financial stress and ultimately mental problems. It is a question of whether there is light at the end of the tunnel or not. tunnel is only a deeper tunnel, magnify the lack of perspective.”
A price ceiling
“And the longer that stress lasts, the worse it gets and the more difficult it is to get rid of. Research shows that the consequences of financial stress do not suddenly disappear if the financial situation itself improves,” says Abbenes.
With these consequences in mind, she is critical of the way in which the government is dealing with the situation. “Help comes much too late, and gives an uncertain picture of the future. A price ceiling that the cabinet is now talking about would reduce this uncertainty, provided it is set up without risk for the citizen.
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‘It affects many people at the same time’
The phenomenon of ‘financial stress’ is not new, by the way, a lot of research has been done into its consequences in recent decades, Abbenes explains. “But what is happening in the energy market at the moment affects many people at the same time. That is why it is now so massively present.”
Anneke can talk about it. She can pay her fixed costs so far, but wonders for how much longer. She is in a wheelchair and for her transport she is largely dependent on her adapted wheelchair bus. It runs on diesel, which is also becoming more expensive. “I travel less due to the high diesel price, which reduces my social life.”
Social life in danger
A social life, belonging to a group is important for people, says Abbenes. “A great fear of many people is that money problems endanger their social status, that they no longer belong. That is a very big cause of stress.”
Abbenes knows from her studies that there is a lot of shame associated with poverty and debt. “The idea that being in debt is something to be ashamed of dates back to the Middle Ages. Then it was punishable by death, even if you paid off your debt. You were equated with thieves and murderers. And still you are put in a certain box.”
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Get rid of the shame
That shame has to go away, only then can we do something about the problem, the financial psychologist is very positive about that. Anyone experiencing financial tensions will have to deal with what Abbenes calls ’emotional flooding’: you become paralyzed.
Actually, the only way to get rid of that paralysis is to talk about it with someone you feel comfortable with. “By speaking out what is going on, you will recognize and understand your emotions. The next step is to accept those emotions. Only then will your brain be able to get started with the euros.”
How to deal with financial stress
- Talk about it: a good exercise, according to Abbenes, is to put your feeling into words with someone. “Then it’s out. That’s why the hashtag #ikredhetnietmeer, which is now widely used on Twitter, is a very good step. You open it up and see that you are not alone.”
- Confront your fears: “Ask yourself: what happens if I lose my job, or if I can’t pay my mortgage anymore? That’s very difficult, because then you trigger your feelings of anxiety, but eventually your brain finds out that you are not dying. That’s the first step.
- Stop regretting: many people with financial problems regret it afterwards, says Abbenes. “If you wonder why you could be so stupid to make a certain expense, that’s the first thing you should stop. That is mourning a missed opportunity. That feeling takes over everything and intensifies the paralysis. It prevents you from sort out your finances.
- Examine your beliefs about money: Everyone grows up with certain beliefs about how to handle money, which together form your personal money script, says Abbenes. “When you are under stress, those beliefs are magnified. You may then make unwise choices. Like hiding your problems from your partner. Check what your beliefs are, this way you can lift the financial paralysis faster.”
‘Costs are for society’
So you can certainly do something yourself to get rid of the paralysis of financial tension, but as always, prevention is better than cure. And the government must play a role with society-wide preventive measures, Abbenes believes. Financial psychology offers various possibilities for this.
“That is not only good for the people who suffer from that stress, but for society as a whole. Because the more people suffer from financial stress, and the longer this situation continues, the greater the consequences and the more it costs society in the end.” .”