FINANCIAL ANXIETY HITS BREAKING POINT: 7 IN 10 AMERICANS SAY MONEY STRESS IS NOW THE GREATEST THREAT TO THEIR MENTAL HEALTH
The modern world seems to have begun on a note of stress and strain. In this fast-paced, evolving world, stress and anxiety seem pervasive and have entrenched themselves into every aspect of our lives.
For many Americans, financial stress is causing the greatest threat to their mental health. A new survey shows that concerns about money are now the greatest danger to emotional health.
With the rising cost of living, many are at a breaking point, especially younger generations who have high medical costs.
How is financial stress affecting mental health?
Seven in every ten Americans now think financial strain is the most significant threat to their mental wellbeing. Increasing healthcare bills, restricted access to counselling, and growing solitude are worsening the issue.Americans' mental health is deteriorating as a result of their overwhelming financial concerns.
More than three-quarters of Americans feel completely alone in their struggle to manage financial pressures, according to a recent survey that shows 70% of Americans say their financial stress has reached an all-time high, as per a report by StudyFinds.
Even worse, 20% of people report having worse mental health in the past year, indicating that this financial strain is having an impact on people's general well-being.
The results of a nationwide survey of 2,000 people, carried out by Talker Research for Doctor On Demand by Included Health, provide a concerning look at how Americans' attitudes towards their physical and mental health are changing as a result of economic pressures.
Who is the most affected segment of the population?
The financial crisis has had varying effects. Significantly higher than older generations, 40% of millennials and 37% of Gen Z say that the cost of healthcare has a detrimental effect on their mental health.Because long-term well-being depends on promoting all facets of health collectively, it is more crucial than ever to increase access to high-quality, reasonably priced care that treats the full person, Udall continued.
Do people realise the importance of their mental well-being?
According to the study, 40% of participants had taken time off from work or school to attend to their mental health. This figure indicates both an increasing level of suffering and a changing perception of the importance of mental health services in the workplace, as per a report by StudyFinds.According to Dana Udall, Ph.D., vice president of behavioural health at Included Health, more people are making the connection between their financial status and emotional wellness. More people are becoming aware of the close connection between mental and physical health. Even things like our financial situation have a big influence.
According to about 41% of respondents, people experience chronic physical pain, and 70% think that their mental health has a direct impact on their physical health.
This mind-body connection creates special concerns as healthcare prices grow. 33% of respondents claimed that the expense of healthcare had negatively impacted their mental health during the previous 12 months, and 29% named cost as the primary barrier to receiving mental health treatment, as per a report by StudyFinds.
Why can’t more people get therapy?
Many people still cannot afford professional support, even with increased awareness of mental health issues. The percentage of Americans who currently see a therapist or counsellor is just 14%. While 27% are interested in trying therapy for the first time, another quarter have already tried it and would return.Finding the right provider (10%) and time constraints (7%) were frequently mentioned challenges in addition to financial ones.
According to Included Health's chief health officer, Dr. Ami Parekh, a growing number of Americans are using routine activities to promote their mental well-being.
What are Americans doing to cope without professional help?
With seven out of ten Americans actively trying to prioritise their well-being through various self-care practices, Americans are fumbling together their own mental health routines in the absence of professional assistance.Music (65%), resuming old hobbies (51%), getting enough sleep (48%), exercising (48%), and spending time with family and friends in person (46%), are the most popular ways to improve mental health.
With 61% of respondents discussing their mental health openly with loved ones and 71% using weekly exercise to manage stress, it seems that most people value physical activity. This suggests that the stigma associated with talking about mental health issues may be eroding.
Numerous individuals depend on self-care practices like music, physical activity, and social interaction to get them through.
FAQs
What prevents people from seeing a therapist?Cost is the most significant barrier, followed by time and finding the right provider.
How do people handle stress on their own?
Most people turn to music, hobbies, sleep, exercise, and socialising with loved ones.