what percentage of illnesses are directly or indirectly caused by financial stress
As the COVID-19 pandemic continues, we hope that you, your family, and your friends are safe, healthy, and secure. Ira Smith Trustee & Receiver Inc. is fully operational, and both Ira and Brandon Smith are readily available for phone or video consultations.
What percentage of illnesses are directly or indirectly caused by financial stress: Financial stress and its impacts
Canadians are more stressed by money (38%) than by their personal health (25%), work (21%), and relationships (16%). The biggest source of chronic stress for a majority of Canadians is stress about money, according to a recent study. This study, and others, do not quantify what percentage of illnesses are directly or indirectly caused by financial stress. However, as you will read below about the financial stress research, financial stress statistics shows that it is the number one cause of stress in the lives of many Canadians.
Money, health, relationships, and work are deeply intertwined; stress in any one of them can exacerbate issues in others. These facts have led me to wonder what percentage of illnesses are directly or indirectly caused by financial stress?
Financial stress is a huge issue for a lot of people. There are a lot of people who are financially stressed, and it has a serious effect on their lives. It causes them to make poor decisions, not be able to invest in their future, and many other problems. The finance industry is a very fast-paced industry, and people always want to make a lot of money in a short amount of time. That is why financial stress is so large in today’s society.
Stress related to money is one of the leading causes of health issues, both physical and mental including anxiety disorders and mood disorder (and has been for a very long time). You can experience very harmful changes to your immune system and digestive system when you are stressed out. Stress releases cortisol, a hormone that is released when we are under stress. The stress hormone cortisol suppresses the immune system and makes it easier for diseases like cancer to spread. Furthermore, study results have shown that when a person is under financial stress, the body releases stress hormones which can be just as harmful to your health as the financial stress itself.
People today are seeking to protect themselves from the dangers posed by financial uncertainty and to avoid the risks they face as a result. Financial stress has been on the rise for decades. This has a direct correlation with the rise in financial stress-related illnesses. As financial stress increases, the strain on mental and physical health increases as well. This ultimately leads to financial stress-related illnesses.
Financial stress is the commonest of all triggers. But, what exactly is financial stress? This Brandon Blog will explore the role financial stress plays in the development of many health problems, from tension headaches to cancer. We will try to answer the following question: what percentage of illnesses are directly or indirectly caused by financial stress?
What percentage of illnesses are directly or indirectly caused by financial stress: Impact of financial stress on your physical and mental health and mental disorders
What is financial stress and what causes financial stress? In general, stress is defined as a process in which environmental demands strain an organism’s adaptive capacity, resulting in both psychological demands as well as the occurrence of illnesses. There are three kinds of stress; environmental stress, psychological stress, and biological stress.
Several factors influence susceptibility to stress, including genetic vulnerability, coping style, personality type, and social support. Stress increases catecholamine levels and suppressor T cells, which suppress the immune system.
Research has shown that short-term stress boosts the immune system, but chronic stress can have a significant effect on the immune system that manifests itself as illness. Chronic stress can also cause plaque buildup in the arteries (atherosclerosis), particularly when combined with a high-fat diet and sedentary lifestyle.
The strongest link between stress and psychiatric illness is found between neuroses, depression, and schizophrenia. Researchers have also discovered a link between stress, tumour development, and suppression of natural killer (NK) cells, which help prevent metastasis and destroy small metastases.
Both external and internal factors are involved in asthma; however, psychological stressors have the greatest acute effect on the internal factor.
Money-related stress may cause anxiety, fear, sadness, anger, fatigue, and even the common cold. This is true. Often, we underestimate how much stress money, or the lack of it, can cause.
Examples of physical and mental disorders caused by signs of financial stress include:
- poor general physical health twice as often as those who are not under financial stress;
- there is a fourfold increase in sleep problems, headaches, and other illnesses;
- interpersonal relationships are more likely to be strained; and
- other health problems include obesity, high blood pressure, and heart disease.
what percentage of illnesses are directly or indirectly caused by financial stress
What percentage of illnesses are directly or indirectly caused by financial stress: Impact of financial stress on your work
You may experience a significant amount of physical and mental health stress if you are under a lot of financial stress in life. Your mental health can also be affected, as can your work. As an example, if you are stressed out about money, you will be less productive and perform poorly at work.
In almost half of the cases studied, stress related to personal finances affected a person’s work performance. It is normal to feel stressed to some extent, but prolonged exposure to high levels of stress has been associated with mental disorders such as depression and anxiety. A lack of workplace engagement and distraction are also common symptoms of chronic financial stress.
Over 500,000 Canadians miss work each week, and 30% of disability claims and 70% of disability costs are attributed to mental illness. And those are just the reported impacts.
What percentage of illnesses are directly or indirectly caused by financial stress: Financial stress & mental health & physical health
A well-documented fact is that poor financial health causing acute stress can negatively affect mental health and contribute to depression and other mood disorders. According to an article published in the journal Social Science & Medicine in August 2013, being economically insecure physically hurts. Migraines, cardiovascular disease, insomnia, and absences from work have been linked to financial stress. The findings show that having healthy finances can directly benefit your physical and mental health. Financial stress not only affects a person’s ability to function and avoid negative habits, but it also affects his or her ability to think clearly.
Financial stress can be a real problem, especially when it’s linked to mental illness, stress, and anxiety. When we’re feeling depressed, anxious, stressed out or in a panic, we’re more likely to eat badly and skip our appointments. That’s because worrying about money takes up a lot of our time and energy. And when we’re stressed out, we tend to eat more junk foods and less nutritious foods.
What percentage of illnesses are directly or indirectly caused by financial stress: The uncertainty of COVID
The Financial Stress Survey was conducted in May 2020 by Leger for FP Canada and shows that roughly the same number of Canadians still struggle with poor financial health, stress, and job instability despite the COVID-19 pandemic having added economic strain. Despite the financial stress, personal health concerns are becoming more important to Canadians. Finances are the biggest stressor, but personal health is becoming ever more important.
Despite the economic impacts of the COVID-19 pandemic, which brought the unemployment rate to an all-time high, the same number of Canadians (49%) are worried about bills and job instability. Four in ten Canadians believe that paying down or off debt would reduce financial stress, and another 36 percent believe that saving more would ease financial difficulties. Furthermore, 25 percent cite personal health as what stresses them out the most, compared to 22 percent and 19 percent in 2018 ( financial planning standards council, “omni report: financial stress,” 2018) and 2014, respectively.
Financial stress is significantly more common among younger Canadians (35 vs. 35+) and those without a financial planner (vs. those who use a financial planner). Those who believe the COVID-19 pandemic has impacted their financial stress are twice as likely to name money as the main stressor in their lives.
According to the survey, 19.5% of Canadians suffered from moderate-to-severe anxiety, 26.6% have consumed alcohol binge-style, and 21% feel lonely. These feelings lead to unresolved chronic stress. In unresolved chronic stress, the body’s immune system is suppressed, resulting in illness. If regular stress persists and the body is unable to cope, it is likely to lead to a breakdown in its infrastructure.
What percentage of illnesses are directly or indirectly caused by financial stress: Financial planning is linked to lower stress
Using the same FP Canada study, we can try to figure out how to reduce financial stress. Knowledge coupled with action seems to be the best defense against financial stress. Researchers found that:
- Almost 80% of those surveyed and reported lower financial stress have taken some steps to reduce their financial stress. Those under age 35 and those experiencing financial stress due to the COVID-19 pandemic are significantly more likely to have done so. 35% of respondents track their expenses, 34% paid down debt, and 32% increased their savings. A greater percentage of people who have used the services of a financial professional (vs. those who did not) say they have built an emergency fund, gotten professional advice, and built a financial plan.
- In addition, almost 80% of the FP Canada survey participants who believed debt repayment, saving, and budgeting would reduce financial stress actually took action. Yet only 21% of respondents have taken steps to build an emergency fund, although 32% think that having one can reduce financial strain. Despite the fact that only 19% of people believed this could help them, 35% of them actually did it to reduce their financial stress.
These simple steps are ones that I have been advocating for anyone experiencing money worries and financial stress, pandemic, or no pandemic. Understanding where you are at is the first step in building a proper financial plan to get to where you want to be.
It is the same if you recognize that you have too much debt and no amount of cost-cutting, budgeting, or saving will get rid of it. A professional who specializes in assisting people and companies in safely eliminating their debt can be of great help to you. Insolvency trustees are such professionals.
What percentage of illnesses are directly or indirectly caused by financial stress: Money remains the number one cause of stress
Money remains the number one cause of stressful situations. Chronic ongoing stress can cause a high percentage of illnesses either directly or indirectly.
I hope you found this what percentage of illnesses are directly or indirectly caused by financial stress Brandon Blog informative. Although nothing is guaranteed, managing your debt in a way that will allow you or your company to be able to afford it, will lead to your financial success. It will also give you the best shot at having a financially stress-free life.
Are you or your company in financial distress and a debt crisis? Are you embroiled in costly litigation or a crushing debt load and need a time out in order to restructure? Do you not have adequate funds to pay your financial obligations as they come due? Are your credit cards maxed out? Are you worried about what will happen to you? Do you need to search out easy-to-understand debt solutions and realistic ones for your family debt problems? Is your company in financial hot water?
Call the Ira Smith Team today. We have decades and generations of experience assisting people looking for life-changing debt solutions through a debt settlement plan and AVOID the bankruptcy process.
As licensed insolvency professionals, we are the only people accredited, acknowledged and supervised by the federal government to provide insolvency advice and to implement approaches to help you remain out of personal bankruptcy while eliminating your debts. A consumer proposal is a Government of Canada-approved debt settlement plan to do that. It is an alternative to bankruptcy. We will help you decide on what is best for you between a consumer proposal vs bankruptcy.
Call the Ira Smith Team today so you can eliminate the stress, anxiety, and pain from your life that your financial problems have caused. With the one-of-a-kind roadmap, we develop just for you, we will immediately return you right into a healthy balanced problem-free life.
You can have a no-cost analysis so we can help you fix your troubles.
Call the Ira Smith Team today. This will allow you to go back to a new healthy and balanced life, Starting Over Starting Now.
As the COVID-19 pandemic continues, we hope that you, your family, and your friends are safe, healthy, and secure. Ira Smith Trustee & Receiver Inc. is fully operational, and both Ira and Brandon Smith are readily available for phone or video consultations.
