How Seniors can Cope with Financial Stress

Posted In: Financial Planning Investment

Financial stress is a cyclical problem which is generating health problems and more debt for our senior citizens. While the most stressed age groups in America are adults in their late 30s and through their 40s, seniors have a unique problem when it comes to difficult financial situations, and they may have fewer for improving it.

The most common causes of financial stress are:

  1. Job Loss/Reduction – 51%
  2. Healthcare – 29.5%
  3. Other – 21.6%
  4. Unpaid Taxes – 12.7%
  5. Divorce/separation – 8.2%
  6. Bankruptcy – 6.7%
  7. Foreclosure notices – 5.7%

Regardless of the cause of financial stress, it has a major toll on the body and mind of those suffering from it. This can manifest itself as:

  • Headaches
  • Insomnia
  • Chest pain and rapid heartbeats
  • Low energy
  • Susceptibility to colds and infections
  • Loss of desire
  • Upset stomachs
  • Lethargy
  • Anxiety
  • Depression

Any health related problem brought on or exacerbated by financial stress can compound the problem with further healthcare related expenses. It is possible, however, to take on a range of free or low-cost activities which improve health and actually help both the mind and body cope with financial stress and work toward a practical solution. You can find out more about the power of exercise and better diet with this financial stress coping guide for seniors.

 

Sources: Federal Reserve, Insights into the Financial Experiences of Older Adults

American Institute of Stress, Stress Effects

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