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What Is Financial Stress?

Financial stress comes about when financial situations or issues begin to cause negative thoughts, feelings, and behaviors. When financial stress becomes unrelenting and persists over time, it can be damaging to your mental health and can lead to anxiety and depression, creating negative effects on a person’s personal life and work life.

Financial stress is a widespread issue. According to a Stress in America survey published at the end of 2017 by the American Psychological Association, as many as 62% of Americans report being stressed about money.

If you, like so many, suffer from financial stress, due to overspending, debt, or other causes and desire to change your current financial behavior, you would likely benefit from seeing a financial therapist.  Financial therapists are trained in helping clients rethink and realign their relationship with money. They are trained in helping clients identify spending patterns and triggers so clients can develop healthier financial habits.  They are also trained in helping clients with personal finance basics like evaluating debt, creating realistic spending plans and helping clients develop financial goals. If your financial stress is causing anxiety and depression, financial therapists are trained to address those issues as well.

What Are the Causes of Financial Stress?

Common financial situations that people report as stressful include, but are not limited to, the following:

  • Debt
  • Unexpected loss of income
  • Increased financial responsibilities
  • Differences in spending habits or values between partners
  • Compulsive spending
  • Compulsive gambling
  • Bankruptcy
  • Foreclosure
  • Poverty

Sometimes, stressful financial issues are caused directly by an individual’s personal choices, and sometimes the financial stress is completely out of a person’s control. Here are some examples of both:

Financial issues due to personal choices:

  • Mismanagement of funds
  • Lack of financial planning
  • Impulsive financial decisions
  • Compulsive shopping
  • Gambling
  • Overspending
  • Underspending

Financial issues where personal choice is removed:

  • Financial trouble due to a struggling national economy
  • Job loss
  • Credit card fraud
  • Identity theft

Can Therapy Help with Financial Stress?

If you are living in the Ann Arbor, Michigan area and are struggling with financial stress, contact us today for an intake session. Identity Counseling Psychology PLLC can provide you with an experienced specialist to help you get to the bottom of, and manage your stress in a healthy way. Our office is located in the heart of Ann Arbor, next to Bearclaw Coffee, where Washtenaw Ave and Stadium Blvd split. You can find more information about our passionate Ann Arbor counselors here.