During Mental Health Awareness Week, financial stress emerges as a significant factor affecting the mental health of residents in Colorado. Dr. Elizabeth Wassenaar, a psychiatrist at Pathlight Mood & Anxiety Center, reports an increase in anxiety among her patients related to their financial situations amid ongoing economic challenges.
Many individuals are grappling with worries about their financial future. This trend spans various age groups, with older adults concerned about retirement savings and younger families anxious about childcare costs, student loans, and housing expenses. Adolescents are also experiencing stress, often reflecting the financial concerns of their parents.
Dr. Wassenaar states, ‘The economic climate is raising anxiety levels across all demographics. People are feeling the pressure, and for some, this anxiety is adversely affecting their mental health.’
To combat this financial anxiety, Wassenaar emphasizes the importance of creating a financial plan. She suggests individuals assess their monthly expenses, monitor their bank accounts, and manage their debts. ‘Being financially aware is key. Understand where you stand and make conscious spending choices, but don’t neglect your mental health in the process,’ she advises.
Wassenaar also highlights the negative impact of impulsive spending on financial anxiety. She encourages individuals to cultivate mindful consumer habits, including being selective about social media and news consumption. ‘Limit exposure to information that increases your stress level while staying informed in a way that feels manageable,’ she recommends.
Despite financial pressures, Wassenaar urges individuals not to overlook the importance of mental health care. She points out that financial insecurity can be traumatic, given society’s reliance on money. ‘Therapists in the Denver area offer specific interventions for those facing financial insecurity and economic uncertainty,’ she explains.
Wassenaar concludes that addressing financial stress is essential for maintaining overall mental health. By developing practical financial strategies and seeking support, individuals can better manage their anxiety and improve their well-being.