Is the Credit Crunch Damaging Your Health?
How the Recession Can Effect Wellness and Tips for Coping
Jul 1, 2009
The current credit crunch can be responsible for damaging more than your financial wellbeing.
Experts believe that the joint fiscal and physical stresses of the crisis could build a healthcare timebomb in the United States. According to the Sleep in America Poll Taskforce, more than one third of Americans are losing sleep over the state of the economy.
Sadly, a joint survey by the Blood Pressure Association and the pension provider Friends Provident revealed that the costs of maintaining a healthy lifestyle are among the first to suffer during tough financial times, at the very time when taking every care to look after mind and body is most important.
Research has shown the following lifestyle cutbacks are common in periods of recession:
- Less spending on fresh fruits and vegetables
- Increases in alcohol purchases and consumption
- Cancellation of gym and health club memberships
- Reduced use of vitamins and other health care products
Mind Always Matters
Women in particular are affected by the psychological aspects of the credit crisis, often placing the family above their own needs. In one study, three quarters of women ranked the wellbeing of their friends or family, and the health of their finances as being more important than their own physical and mental wellbeing. Yet, as American Psychiatric Association President Dr Nada Stotland says, “take time to exercise and eat right. The bottom line is that taking care of your mental health is necessary to your ability to care for your family.”
Children Hit Hard
It may come as a surprise to you to learn that children suffer equally from worries about the economy. In a survey carried out by kidshealth.org, more than half of all 11 and 12-year old participants said that they were at least ‘a little bit’ worried their family’s financial situation, with 14% responding as ‘totally stressed out’ when asked about their feelings on the recession. Interestingly, more than half were also optimistic about the situation getting better soon, and twice as many said they were feeling better after having talked the situation through with their parents or guardians, as said they felt worse.
There To Help
Organisations such as the Debt Crisis Center in the US (tel: 1.888.debt.002) and The National Debt Helpline (tel: 0808 808 4000 ) in the UK provide free confidential and independent advice on how to deal with money worries and debt problems. Make use of them – they exist to help you.
The Way Forward
In conclusion, here are some tips for having a healthy lifestyle and saving money:
- Hit the sidewalk – if you can no longer afford a gym membership considering buying some budget running gear, clipping on your mp3 player and pounding the pavement (running or walking). Healthy, low-cost and empowering.
- Talk to your children about the situation. Helping them understand will mean less stress for them less and resentment when expenses need to be cut. It will also reduce the temptation to spend money on them that you don’t have.
- If your situation feels overwhelming, remember that there are organisations available to offer support and logistical guidance based on your individual situation.
- Share the worries over your experience and learn to manage your finances better by getting in touch with other people in your situation through websites such as betterbudgeting.com and moneysavingexpert.com.
So, take a deep breath, remember you are not alone, and use today to begin taking steps towards recession-proofing your health and your life.
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