How to deal with financial stress and anxiety during difficult times

There is no doubt that Americans feel stressed and anxious these days.

Money worries hit hard when the coronavirus pandemic disrupted the economy. There are also fears about the virus itself, as well as the pain it inflicts on people’s daily lives.

All of this has added to mental health problems. In a survey conducted by the Kaiser Family Foundation in late March, 45% of adults said that their mental health had been adversely affected due to concern and stress about the virus.

In May, a United Nations policy report stated that the Covid-19 crisis “has the seeds of a great mental health crisis.”

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Then on May 25, George Floyd, a 46-year-old black man, died in police custody after a white Minneapolis police officer knelt on his neck for more than eight minutes. Protests and riots followed and many black CEOs and financial leaders spoke out about the racial wealth gap.

Soon after, depression and anxiety sprang up among African Americans. According to the Household Pulse Survey of the National Center for Health Statistics (NCHS) and the Census Bureau, 40.5% of non-Hispanic African Americans reported symptoms of anxiety and depression the week of May 28 to June 2, compared to the 35.6% from the previous week. . In comparison, non-Hispanic white Americans experienced a small increase to 33.1%, from 32.3%. Hispanics or Latinos saw a small decrease.

Licensed family and marriage therapist George James, director of innovation and chief therapist for the Council on Relationships and member of the Financial Well-being Council CNBC Invest in You, spoke to CNBC about the connection between finance and mental health, the Covid crisis -19 and The impact of recent events on the black community.

CNBC: How do money problems affect people’s mental health?

Dr. George James: Money is connected to a lot for people’s mental health in different ways. If people don’t have it, they are worried about it. Usually there is some anxiety if they feel they are losing it. And even if they do, can they keep that?

There is also the connection between quality of life and the way people can see themselves. Am I successful? I did it well? Am I helping my family? All of those things that develop inner character and self-esteem can sometimes be connected to how someone looks financially.

Money can greatly affect how we see ourselves, how we see our family, how we treat our family members, how we treat other people. It can lead us to a place where we are low, sad and depressed. It can take us to a place where we are excited.

CNBC: How do the financial consequences of the coronavirus pandemic affect people’s mental health?

GJ: The coronavirus pandemic has just revealed a lot. If you really didn’t believe in anxiety or just thought it was something other people experience, Covid-19 has enabled you to realize that you also have anxiety. And if you admit that you had anxiety before, it is likely to skyrocket.

There is fear and concern about: Will I get sick? Will it be worse? Will that happen to a family member? And how does that affect my work? I will be able to work? Will that be safe?

So financially, will we earn the same amount of income or income? What if there have to be permits or even job changes or even the loss of a job?

These are all concerns, worries and anxieties that many people end up feeling and struggling with. Sometimes when we are overwhelmed, we close. Sometimes when we are overwhelmed, we are not as productive. We do not make the best decisions or decisions.

CNBC: What are some coping mechanisms for those who might be under stress, especially financial stress?

GJ: One, for many people who could be so overwhelmed and stressed, is being able to recognize it.

Sometimes we can just be on autopilot and not even realize that our heart rate is increasing, we are more frantic, we are irritable, we are treating those around us very hard. And being able to say, “Oh, there’s something else that’s gone.”

Two, being able to find those things that help you cope. For someone, it is physical activity. It could be walking or running, or something else. For others, it is morning tea and seeing something that will not make them feel bad. Others, it is family time.

I really encourage people to find out what your top five things are that can help you feel better when you’re overwhelmed. Know those first five. Then activate, go and do it. Once you do that, now you can be in a place where perhaps you can be more productive or you can be your best self.

CNBC: Is stress different for minorities during this time?

GJ: Unfortunately, our country has had a long history of injustice in multiple ways. Whether it’s how we treat women, how we treat people of different sexual orientation, how we treat older people. We’ve also seen that because of how this country also treats people of color and, in particular, how it treats African American and black families.

There is a long history of how people have been denied loans, even with the same credit score. People have had to live in certain neighborhoods because they couldn’t get houses in other neighborhoods or there is less access to education.

All of these things are part of systemic racism and accumulate among themselves and then lead to negative results. The neighborhoods where you might be forced to live may not have a grocery store. Therefore, being able to eat healthily becomes a challenge.

Or, you may not be able to get the job you were qualified for just because someone doesn’t want to see your resume because their name appears to be connected to an ethnic group or because their name is something they just have a bias against. What might seem like one thing, plus something else, plus something else is added to it.

So when he was talking about the anxiety that Covid-19 has brought to many people, many people of color have been feeling that anxiety all their lives. Will I get a job? Will I be judged or will I be seen for my qualifications and abilities? Will I be able to get the loan? So when you add all of those things, plus Covid, plus intense racial injustice, it becomes meaningful and overwhelming.

CNBC: How does racism impact the mental health of African Americans?

GJ: One of the things I’ve been talking about a lot is racial trauma. That is the psychological and emotional impact of racism and daily micro-attacks.

Microagressions are those things that people of color experience that they are continually told are not seen as equals: being followed in the store, not earning the same salary as their coworker who is doing the same job or less.

When added together, they can increase levels of depression, anxiety, being overwhelmed, scared, and insomnia.

CNBC: How can people of color cope with this additional strain?

GJ: It’s okay to take care of yourself and take breaks. Self-care is crucial because anxiety, worry, being overwhelmed is difficult. And the more intense it is, the more we become paralyzed. For many people of color, it has been so intense.

Sometimes it is difficult to take care of yourself because you feel you need to advance the cause. But it’s okay. It’s okay to take a break. It’s okay to recharge. It’s okay to take a breath and then go back and do what you need to do.

CNBC: How does all this affect our interpersonal relationships?

GJ: When we talk about Covid or talk about racial injustice, these things come home and are things that our partner, our children, our colleagues feel. Sometimes it’s hard to remember that it’s not just us going through this. There are other people with whom we are connected.

Check with your partner. Check with your children. Talk to your children. Talk to your partner. Check with your colleague. Ask “how are you,” either about Covid or about racial injustice, because making those gestures to the people you are connected to can make a big difference in how they feel and how you feel.

This interview has been edited and condensed.

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