It’s Mental Health Awareness Week and finances are having a big impact on Coloradans’ mental health. Right now, many people are feeling added stress from their financial situations because of the state of the economy.
Dr. Elizabeth Wassenaar, a local psychiatrist at Pathlight Mood & Anxiety Center, said nowadays more of her patients are feeling uncertain about their financial security and are feeling more anxious about their financial situations. For some people, it’s having a negative impact on their mental health, too. She said financial anxiety is impacting every age group.
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Wassenaar said the older population, hoping to retire soon, is worried about their retirement accounts. Middle-aged people and young families are worried about childcare costs, paying off student loans and bills, or buying a home. Meanwhile, adolescents are also feeling the stress that their parents feel financially.
“We know that the state of the world, and especially related to the financial situation, is impacting every single person, and it’s impacting everyone a little bit differently, but overall, people are feeling a lot more anxious about their financial situation, and for some people, that’s having a negative impact on their mental health,” said Wassenaar.
Wassenaar added it’s important to have a plan in place that helps battle uncertainty, looking at what you spend each month, and sticking to a plan.
“I think it’s important to take stock of where things are right now. Be financially smart, so you know, get your finances in order,” said Wassenaar. “Take a look at your bank accounts. Take a look at your debts. Make decisions about how you’re spending your money, but don’t de-prioritize taking care of yourself.”
She also recommends creating mindful habits to stop impulse spending too which can have a negative impact on your mental health and financial anxiety, as well as being a mindful consumer of social media and news.
“Taking care of your mental health means paying attention to what’s coming in. So, it means not totally turning off the news or turning out the world, but making sure that you’re consuming media, social media, news, media at a rate that is healthy for you” said Dr. Wassenaar.
Wassenaar also said that when people feel financially insecure, they may not prioritize getting mental health care, but she encourages you to find a way to get help if you need it. She added, there are therapeutic approaches geared toward financial insecurity and geared toward people feeling uncertain about the economy.
“Financial insecurity is a trauma, because our world relies so much on money, and if you don’t have money, that is a tremendously impactful thing. There are many therapists in the greater Denver area who can do this kind of intervention.”
