Financial anxiety: what it is and how to cope
Kyiv • UNN
Psychologist Kateryna Kononova explained what financial anxiety is and how to cope with it. The reasons can be both real difficulties and childhood traumas or irrational beliefs.
In today's world, especially in times of war, economic instability and inflation, more and more people are experiencing financial anxiety. This is not just worry about money, but a constant internal tension associated with real or imagined financial threats. This anxiety can affect decision-making, relationships and overall mental health. In a comment to UNN, psychologist Kateryna Kononova explained what financial anxiety is and how to deal with it.
What is financial anxiety?
Financial anxiety is an emotional and physiological reaction to stress related to money. It can occur even in those who have sufficient income if there is a fear of losing stability or a sense of control. During martial law, unstable economy, rising prices and general uncertainty - this anxiety has become a mass phenomenon
According to her, typical manifestations of financial anxiety are:
- constant thoughts about money, even in quiet moments;
- anxiety before paying bills, budgeting;
- postponing or avoiding financial decisions;
- excessive savings or, conversely, impulsive spending as a way to relieve tension;
- irritability.
"A person experiencing financial anxiety is constantly thinking about how to provide for basic needs, what will happen if the situation worsens, whether they will be able to pay for their child's education, buy medicine or cope with debts. This is not just reflection - it is emotional and physical tension that manifests itself in the body: muscle tension, difficulty breathing, sleep problems, rapid fatigue, irritability. Often, anxiety is accompanied by feelings of guilt or shame - for example, because they are unable to earn more or provide themselves or their family with a "normal standard of living", - adds Kononova.
Causes of financial anxiety
The psychologist notes that the cause of financial anxiety can be real difficulties (job loss, debt, low income, rising prices). However, it often has deeper roots.
"It can arise from childhood experiences of poverty, financial instability in the family, or from attitudes such as "money is hard to come by", "there is never enough money", "poverty is a disgrace." In adulthood, external circumstances are added to this - war, job loss, relocation, debts or unexpected expenses", - the psychologist notes.
She also emphasizes that social networks and comparing yourself to "successful" people can only increase internal tension. A person feels that they do not fit into the generally accepted notions of "normal", that their efforts are not enough, that they are constantly "lagging behind".
The cause of financial anxiety can also be uncertainty about the future, fear of war, inflation, retirement age, and irrational beliefs, such as: "I must always have a supply of money, otherwise I am worthless."
How to cope with financial anxiety
To cope with financial anxiety, it is important to recognize it first of all. Do not keep silent, do not be ashamed and do not ignore it, but honestly say to yourself: "I am now worried about money, and this is normal in such circumstances." Recognition is the first step to reducing tension. Then it is worth gradually clarifying the financial situation. Even if it is difficult, a clear awareness of your income, expenses, debts and opportunities helps to reduce anxiety. Create a financial picture, collect complete information about income, expenses, debts, savings to understand what you are dealing with. It is very important to act gradually. You should not immediately undertake a full financial audit or radical cost reduction. You can start with a simple one: write down the main expenses for the week, highlight mandatory payments, try to save a symbolic amount. Small steps create a sense of control - and that is what is lacking in a state of anxiety
She also advises to develop financial literacy.
"The more you know about money, the less fear, read trusted sources, use simple mobile apps to manage your budget, divide expenses into mandatory, desirable and unnecessary. At the same time, it is worth paying attention to your internal beliefs about money. Many of them may be irrational or outdated. For example, the idea "I will never be able to earn more" blocks the search for new opportunities. It is important to identify and change destructive attitudes. Instead of "I will never be able to earn more" - "I can learn something new that will increase my income." Instead of "I'm ashamed to ask for help" - "it's normal to ask for support, especially in difficult times", - the psychologist notes.
According to her, in addition to financial steps, it is very important to take care of yourself in general. Anxiety is not only about the mind, but also about the body. Regular sleep, healthy eating, exercise, limiting news and taking care of relationships - all this helps to reduce the overall level of anxiety. Sometimes, to relieve tension, you just need to go for a walk, hug someone close to you, or take a break instead of endlessly scrolling through thoughts.
If financial anxiety interferes with daily life, causes panic attacks or depression, causes conflicts in the family, leads to serious financial decisions "on emotions" - consult a psychologist. Consulting with a psychologist will help to separate real difficulties from catastrophic scenarios in the head, see other perspectives, learn to cope with stress without self-blame and panic.
"Financial anxiety is not about money as such, but about a sense of security, control and dignity. It does not disappear instantly, but in small steps you can regain confidence and peace. Money is just a tool. Your value is not in your wallet, but in the life you build every day, no matter what", - Kononova summarized.
