'Financial Fear' impacting health and wellbeing.

“Financial fear’ is a phrase that is becoming all too familiar.

It is not surprising that being in debt impacts our health.  The anxiety and stress and yes, fear, that many people in debt feel is affecting the ability of some to function normally and can affect us physically as well as mentally.

You are not alone.

If you are struggling with debt you may well have experienced these feelings. You are not alone.  One in ten people don’t even believe they will be able to reduce the amount they owe in their lifetimes and a third of us do not believe we will ever be debt free.

Saving for many in Britain is extremely difficult. According to one set of statistics about a third of us have less than a month’s salary in savings. And between to one in 4 people and 0ne in 7 have no savings at all.

If circumstances suddenly change, which is certainly not uncommon, the result can be financially damaging. 20% of us have been made redundant, 1 in 10 have had a serious accident and 14% have got divorce, just in the last two years.

‘Financial fear’ keeps us awake at night.

A new term has emerged to describe how this affects people, ‘financial fear.’ According to recent reports it has reached epidemic proportions. Waking up at night, worrying, affects more than 80% of us at least once a week.

Consumers are now facing more worries than ever before. Most worry about debt, their salaries not covering the essentials. Running out of money before payday and what their futures hold. Over 25% feel negative about how things will be in the years to come.

Over 30% of adults believe their finances are in a precarious state. Almost 50% feel they have lost control of their lives.

One study reports that women worry more than men, as many as 90%. Older people are also more likely to worry more.

With worry and stress keeping people awake at night the knock-on effects can be damaging to our health, both physical and mental.

Recent Study shows stress levels linked to hormone called cortisol.

One recent study by Northwestern University, a leading private research and teaching university in the United States, shows that your stress levels are linked to a hormone called cortisol.  Cortisol is meant to fluctuate daily, otherwise it can lead to health problems.

Steady daytime levels of the stress hormone cortisol are associated with serious health problems, such as inflammation, obesity and cancer, researchers say.

When cortisol levels are constantly high, it can lead to Cushing’s syndrome. However, when cortisol levels are too low, it can result in Addinson’s disease and extreme adrenal failure, causing constant fatigue, abnormally low blood pressure and a loss of appetite.

Cortisol levels should vary.

Normally, cortisol levels should vary throughout the day. “Cortisol is naturally high in the morning to help perk you up, and it decreases into the evening,” said study lead author Emma Adam, a professor of human development and social policy at Northwestern University.

“The loss of this cycle, or the lack of variation of cortisol, is what is associated with negative health outcomes in our study,” Adam said in a university news release.

The researchers suspect that chronic stress may be behind the less variable cortisol levels. They call it “stress-related circadian dysregulation”.

Lack of sleep leads to compromised functions.

One neuroscientist recently warned. “Worrying too much can negatively impact our ability to get a good night’s sleep, which is vitally important because sleep gives our brains the opportunity to do a variety of essential tasks, from consolidating memories to removing toxic metabolic waste.”

If people regularly wake up during the night, these functions are compromised. And in the long run that’s really bad news for the brain. Chronic stress is potentially damaging to a person’s health even if it doesn’t affect their sleep.

“The stress hormone cortisol is released into the bloodstream. It travels around body and brain to help release the extra energy and resources that help us to deal with the stress,” adds Lewis.

“Constantly worrying about finances means having chronically elevated cortisol levels, which gradually wears us down. In extreme cases, it can actually remodel certain brain areas.”

Debt putting health and wellbeing increasingly at risk.

Debt plays a large part in many of our lives and our health and wellbeing are increasingly at risk.  Many experts believe that taking that first step towards help with your debts can made a difference.  Many people find it very difficult to talk to an expert who could help them with their debts, indeed many are even hiding their debts from family and partners.

Getting help for mental health problems.

The mental health charity Mind suggests a two-pronged approach to overcoming stress and anxiety, working to overcome the external pressures while building up emotional resilience. Find out more here.

Getting help with debt problems is ‘vital.’

Finding  a good debt advisor is often a relief.  At Ramsey Lomax we have years of experience in helping people.  One thing to remember is that your chat with our advisors is completely confidential, free and without obligation. For many of our clients just getting if off their chests and having a sympathetic ear to talk to can make all the difference. At Ramsey Lomax we understand ‘financial fear’ and we have helped 1000’s of people towards a debt free future.

Ramsey Lomax are fully authorised and regulated by the FCA, the Financial Conduct Authority. So you can rest assured of our professionalism.  We also make things easier than ever before with up to date communication technology.  To make it as simple as possible for you to become debt free.

Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.

Read more about Ramsey Lomax here

Contact Ramsey Lomax here.