Written in SCIENCE he
Is it increasingly common to hear a member of your family say that “money is not enough” or that it would be good to look for another source of income? This is not good, as it could be the first sign that the mental health of that person is at risk.
It all starts with unemployment, instability and excessive debts, as they generate anxiety that leads to financial stress, a problem of mental health which is increasing in Mexico, according to Arturo Morales Castro, professor and researcher at the Faculty of Accounting and Administration of the UNAM.
Other manifestations of this problem are: insomnia, headaches, gastrointestinal problems, depression and irritability, warning from the Gazette of the National Autonomous University of Mexico.
What are the main causes of financial stress?
Financial stress should be understood as an emotional and psychological condition that results from constant worry and anxiety, Morales warned.
Some of the main causes that generate this discomfort are related to excessive and unpayable debts.
“For example, those who have accumulated a large amount of debt, including credit cards, personal and auto loans, struggle each month to meet the minimum payments, causing them constant anxiety,” the article details.
People who do not have an emergency fund or who do not earn enough to pay basic expenses are more vulnerable to financial stress. Additionally, constant job insecurity, such as losing a job, is another factor.
On the other hand, those people who try to maintain an unsustainable standard of living to impress friends or family, leading them to spend more than they earn, are also prone to developing this type of stress.
How to prevent debt and unemployment from affecting mental health?
Financial stress has repercussions on mental health: anxiety, depression and irritability.
“Financial tensions can damage family and personal relationships due to constant worry and arguments about money,” Morales said.
To address and prevent financial stress, the researcher suggests preparing a budget that includes a detailed record of income and expenses.
This, in order to identify areas of improvement and maintain control of money.
Likewise, he recommends paying off debts that charge high interest, such as credit cards, and establishing a savings habit.
Regarding financial education, he recommended learning about investments, debt management and planning to make informed decisions, as well as seeking professional support from an advisor.