What is Economic Anxiety?
As a term, “economic anxiety” may seem self-explanatory, and indeed, it's quite common. However, did you know that there is a dedicated Economic Anxiety Index? Derived from surveys of Americans, this Index serves to measure how we perceive and navigate financial matters, encompassing both our personal finances and the broader economic landscape.
Especially during the end of the year, the holiday season, and the looming tax time, economic anxiety tends to intensify. As reflected by the Index, people are grappling with heightened stress about their financial situations, losing sleep, feeling stuck, and harboring pessimism about the state of economic affairs. While economic anxiety itself is not a clinical diagnosis, it can significantly exacerbate existing anxiety disorders or even lay the groundwork for new ones.
Navigating through this time of the year, marked by financial pressures and uncertainties, can indeed be a major source of stress and anxiety. The Economic Anxiety Index sheds light on these sentiments, providing a snapshot of the collective mindset during a period that can fuel financial worries and emotional distress.
How Economic Anxiety Impacts All of Us
The American Psychological Association found that nearly three-quarters of American adult’s struggle with money-related stress. Obviously, it can be scary to have financial woes. It impacts our personal lives as it affects the national economy. People with economic anxiety tend to spend less, and that can create a ripple effect.
Of course, it’s normal to feel anxious when money is tight. However, the anxiety does not help the situation. Instead, you may want to explore some tried-and-true suggestions for navigating your financial fears.
How to Manage and Prevent Economic Anxiety
Self-Education
“The economy” sounds like a daunting topic to learn about, but there are countless ways to get up to speed. The more you know, the better you can avoid downturns and anxiety. When you’re aware of the natural cycles within the financial world, it can keep you more centered and calm.
Have a Financial Plan
Do not leave things to chance. Financial stability does not happen by accident. So, following up on the tip above, do your homework. If possible, consult with an advisor. Basic concepts like budgeting and investing can make a huge difference. Steps to keep in mind:
Be proactive
Keep learning
Be innovative
Find ways to earn money doing what you love
Seek guidance & support to get out of debt
Take Tech Breaks
Both social media and mainstream media outlets are designed to get and keep your attention. Therefore, they tend to be sensational and often inaccurate. To avoid overthinking and rumination, it helps to step away from your devices and give your mind a break.
Practice Self-Care
Any kind of anxiety can be managed by maintaining a daily self-care regimen, e.g.:
Exercise: Find a workout you enjoy and make it part of your life
Healthy eating: Fuel yourself with food and drink that builds resilience and good health
Sleep: Get yourself into a steady pattern of when you go to bed and when you wake up
Relaxation techniques: Look into yoga, meditation, breathing exercises, Tai Chi, etc.
Most of All, Ask for Help
If economic anxiety is a part of your life, you have the power to turn things around. This shift can begin with some input from outside experts.
Financial Advice
A financial advisor, as mentioned above, can be a game changer. There are resources available for those currently without the money to attain such services. Speaking to someone who does this for a living is a powerful way to peel away the mystery and understand how to thrive within the system.
Therapy
Anxiety can be a debilitating disorder. It can spring from economic-rated concerns but soon start hampering your ability to function. You do not have to accept this situation. Committing to therapy is a proven path toward recovery. Anxiety—economic or otherwise—can be effectively addressed. It all begins when you ask for help, which is why we provide Anxiety Therapy.
If economic anxiety is present in your life, I invite you to Contact us. Let’s schedule you for a free and confidential consultation to get the healing started.