Financial Stress Therapy - Depression Psychotherapy - Anxiety Counseling NYC, New York

Therapy: Recession

"Financial Stress Effect on Emotional Well-Being"

The recession and its stubborn aftermath has left few unscathed. Individuals and families have been suffering with a rather chronic condition of worry about economic instability for years since the recession or at least recession - like of 2008. The range of concern spans a spectrum from concern about putting food on the table, to foreclosure, bankruptcy, dwindling retirement accounts, stock portfolios, education savings and excessive indebtedness. Many fear that the politics and corporate giants surrounding economic conditions are self-serving and have very little to do with individuals lives and accompanying financial vulnerability. Unemployment and underemployment including loss of health benefits is at an all time high and can engender strong feelings of anticipated job loss. This constant barrage of financial assault leaves its toll on the physical and mental health of Americans leading to increased anxiety disorders, depression and substance abuse. (American Psychological Association, Executive Director of Professional Practice). Self- esteem, motivation and possible despair can be greatly impacted when economic health becomes out of one’s reach. A sense of losing control over direction of one’s life can emerge and be devastating to finding sources of resiliency. The financial loss represents a complexity of other losses in selfhood and becomes traumatic.

Financial stress also wreaks havoc on family life in general. It is associated with increase in marital discord, lack of support and irritability between partners, especially if one partner remains chronically unemployed, and general feelings of insecurity in children. Mutual blaming, feelings of resentment and physical and emotional exhaustion may ensue which may cause a crippling effect in critical family decision-making as well as overall parenting.

Despite the gnawing uncertainty of financial stress in a global economic crisis families can create coping strategies that can have a permanent effect on growth and development. Confronting and modifying former possible patterns in overspending that were used to boost self-esteem, finding sources of achievement and fulfillment not connected to monetary gain, helping one partner return to school for new skills, asking for emotional support from extended family, discovering new ways of affirming each other’s strengths though not validated in a grueling job market can provide a sense of a new beginning and perspective. Encouraging adolescents to develop entrepreneurial skills like a paper route or lawn cutting services or obtaining a part-time job or research scholarships can build a sense of mastery and team building. Reassuring children that irritability and conflict caused by financial stress does not mean that parents do not love each other or them and can, therefore, mitigate fears that parents may divorce. Conveying that the family will stick together through thick and thin and asking older children and adolescents to participate in cost cutting as well as positive family activities can help with possible guilt feelings that parents harbor because they cannot give all that they want to their children at the present time.

However, if an individual is displaying symptoms of worry that prevents functioning of daily activities, experiencing excessive sleep or sleeplessness, difficulty concentrating, panic attacks, lack of appetite , extreme feelings of helplessness, thoughts of suicide, social isolation and withdrawal from family members, a licensed mental health professional should be consulted. If communication between family members becomes disrupted on a routine basis, an affordable therapist can help foster new ways of facilitating honesty, vulnerability, mutual support and problem solving...

Financial Stress Therapy