Money Worries Making Us Sick

Financial stresses and strains are becoming so bad that they are making us ill, according to a survey from a major health insurance provider.

Money Sickness Syndrome, diagnosed by a mental health expert, occurs within people who have a poor understanding or control of their financial situation. Symptoms include headaches, shortness of breath, palpitations, nausea and mood swings.

The study found that 48 per cent of people it interviewed claimed to suffer from the symptoms that were described. Another 1.4 million admitted that money worries had gotten so bad that they had been forced to take time off from work.

"Money worries can cause significant problems in relationships, and people who suffer as a result are often in worse health than those who are in control of their finances," a spokesman for the insurance company.

One sufferer said that money problems were seriously affecting his life: "My relationships suffer as I am short tempered and irritable, and my sleep is often interrupted. I admit I drink a little more than usual when I'm worrying about my finances."

“Business leaders need to do more to support their employees to prevent this issue becoming even more severe - both for their workforce’s wellbeing and for the productivity and success of their businesses.”

The worry and anxiety caused by the feeling of having a total lack of control over your finances can put great stress on your health and well-being. People need to learn to overcome the feeling of helplessness by taking control.

Some tips on how to take control of your budget:

•    Plan your menu a week ahead and buy foods accordingly.
•    Always shop with a list so you are not tempted to buy unnecessary items.
•    Look for ‘own brand’ items as they are often just as good and are usually cheaper.
•    Look for sales and buy in advance – Christmas cards are very cheap in January.
•    Keep a record of what you spend and update it often.

If you would like to know more about managing your money why not ask AnswerBank Business and Finance.