Money Worries Putting Health At Risk
Money troubles are leading to escalating levels of stress, with nine of 10 adults adversely affected by mental and physical symptoms over the last year, according to new research on behalf of AXA.
The symptoms, suffered by all ages and socio economic groups, range from anxiety, weight gain, depression, insomnia, palpitations, loss of sense of humour, a decline in sex drive and indigestion.
The survey reveals that 63 per cent (33 million) of those suffering from financial worries saw their stress worsen over the last 12 months.
Even those in well-paid jobs are now feeling the squeeze, with 21 per cent of top managers suffering constant money-related stress over the period, double the number of skilled manual workers (nine per cent).
Alarmingly, the total number of adults complaining of side effects from financial stress has doubled to 87 per cent since 2006, when GP and mental health expert Dr Roger Henderson first identified these health issues as symptoms of Money Sickness Syndrome (MMS).
The health impact of financial woes is only likely to deepen as public sector cuts, greater pressure on jobs and higher taxes take a further toll on personal finances.
Dr Henderson said: "Almost two-thirds of people said their finance-related stress increased in the last 12 months mainly due to the challenge of meeting the high cost of living, bills and debt repayments.
"Nearly half expect this stress to worsen in the next 12 months, which does not bode well for the effects on the nation’s health."
No-one is immune, with everyone from high flying managers to unskilled workers and pensioners feeling the heat of financial stress, according to the report. Many sufferers, across all groups have turned to drinking, smoking or overeating to cope with the stress.
Dr Henderson said: "Whilst 18 per cent have used exercise to help beat financial stress, nearly one fifth sought consolation through eating more and 18 per cent in drinking more. Using unhealthy lifestyle choices risks adding to their problems if their health is affected.’"
Just six per cent overall sought help from their doctor and four per cent took prescription drugs to ease their stress, the new report reveals.
Dr Henderson added: "Financial worries can also trigger significant relationship problems. Our research found that money concerns interferes with an individual’s sex drive, with 13 per cent of women affected, compared to seven per cent of men."
Typically women are prone to greater levels of money stress than men, with 14 per cent feeling stress all the time in the last 12 months, compared to eight per cent of men.
Women are also more likely to experience the symptoms of MSS, which include:
* Feeling anxious - 47 per cent of women, 29 per cent of men
* Weight gain - 28 per cent of women, 19 per cent of men
* Loss of concentration - 25 per cent of women, 16 per cent of men
* Feeling depressed - 25 per cent of women, 19 per cent of men
* Insomnia - 24 per cent of women, 16 per cent of men
* Permanent tiredness - 23 per cent of women, 13 per cent of men
* Feeling out of control - 19 per cent of women, 10 per cent of men
Poor understanding of money and how to control personal finances is at the root of MSS, according to Dr Henderson. He said: "Those who constantly worry about bills, feel anxious about opening the post, feel they have no control over the bills or are reluctant to talk about money are at risk of symptoms."
Whilst over a third (36 per cent) of adults have taken some practical action to deal with the underlying problem, a quarter have buried their heads in the sand and done nothing to escape their financial predicament.
The key to managing the problem is to take control before symptoms take hold, warns Dr Henderson. He said: "The more someone feels in control, the fewer symptoms they will have."
Eugene Farrell AXA head of psychological health and wellbeing, said: "It is clear that a lack of understanding about personal finances is causing worry for millions and having a damaging effect on their health and wellbeing. It makes sense for those at risk to seek help through financial education or by getting advice from a professional independent financial adviser.
"Employers are well-placed to help employees who are suffering financial stress. They can offer access to a whole range of help from information and advice and even benefits such as an employee assistance programme, which offers access to specialist counselling."
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