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What's Stressing You Out

Allison Van Dusen

In case you haven't heard enough bad news about the economy lately, here's more: It turns out that falling home prices, rising consumer debt and the growing unemployment rate aren't just hurting our wallets--they're seriously stressing us out.

A new poll by the American Psychological Association (APA) of more than 2,500 adults shows that 66% of Americans feel the economy is a significant source of stress right now. Additionally, 56% say housing costs are worrying them, and 48% are concerned about their job stability.

 
"People are under a lot of stress right now with regard to their financial status," says Dr. David Ballard, assistant executive director of corporate relations and business strategy for the APA.

And many are in need of help. ComPsyche, the world's largest provider of global employee assistance programs, reports seeing a 21% increase in the hundreds of thousands of calls received on its hot line for financial stress from January through June 2008, compared with the same period last year. Callers frequently say they are in danger of foreclosure.

"That can be a tremendous toxic stressor," says Dr. Paul J. Rosch, president of the American Institute of Stress and clinical professor of medicine and psychiatry at New York Medical College. "Losing a house not only affects you, but it can have disastrous effects on the family."

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The Fallout

Mounting stress levels also can create a vicious cycle. Stress hurts your productivity at work, which leads to more stress. CCH, a division of global services information company Wolters Kluwe, found in a 2007 study of 317 human resources executives in U.S. companies and organizations that stress accounts for 13% of unscheduled absences from work.

Of course, falling behind on the job is that last thing you want to do in times when companies are making cutbacks.

When we're stressed we also rely on a variety of stress-management techniques, many of which are unhealthy. While some of us are smart enough to use exercise--even just a walk around the block--to deal with life's pressures, others turn to cigarettes, alcohol or an oversized cheeseburger with a side of fries.

That won't exactly ease the burden on the 57% of those surveyed by the APA who said personal health concerns were a major source of stress.

Likewise, a new Associated Press-AOL survey of more than 1,000 Americans from across the country found that debt stress has risen by 14% since 2004. Of those polled who reported a high amount of debt stress, 29% had severe anxiety, versus 4% of those with low levels of debt stress. And 23% had severe depression, versus 4% of those with low stress levels.

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Time For A Turnaround

If the economy and your finances are causing your forehead creases to multiply, it's time to take stock of the situation. First, don't let your stress overwhelm you. In other words, tune in to what's going on with the country's declining retail sales and which investment bank is currently imploding, but don't get sucked in.

Turn off the TV if you have to, Ballard says. Pay too much attention to all of the market's nosedives and you won't get a good night's sleep or get your work done.

Are these the same things that stress you out? How do you cope? Add your thoughts in the Reader Comments section below.

It's also time you developed a plan to address your finances, either with the help of an adviser or on your own. That means you've got to identify your financial stressors (whether it's your mortgage or credit card debt), prioritize them and look for ways to cut your overall spending. Rosch suggests sitting down with your family and asking for their input on the latter.

"Rather than telling them they can't do this or they can't have that, let them feel they're participating," he says. "Make it a family project."

Of course, not everyone responds to stress the same way--some people work better under pressure. But whatever type of person you are, it's up to you to decide how to respond to the economy's ups and downs. If nothing else, it'll have plenty of both in the years ahead.