Many Americans are experiencing several issues when it comes to the inflation that we are seeing across the world.
The current economy has impacted many people’s ability to meet basic needs like food and housing, and this group has shown a mental health challenge that is higher than the national average.
Many people are not confident that their housing will be secure for the next year.
Many have indicated that although inflation has not impacted them yet, they are expecting that it will impact them in the very near future.
Almost half of all Americans have lowered spending and cut back significantly on things like extracurricular activities, social engagements, and other things due to the impact of this economy.
Studies have also shown that those who rent homes are experiencing higher levels of anxiety, depression and other mental health issues than those who own their home.
It is extremely important that team leaders and business owners recognize and deal with the issues that their team members are experiencing. For instance, employers should make sure their employees know about the programs and services that are available for mental, physical, emotional, and financial health. Over the past few years of dealing with pandemic related anxieties, I have seen that many more Americans are now dealing not only with the fear of the effects of the pandemic, but fear of the economy getting worse. They tend to worry about losing their home, their sources of income and not being able to put gas in the car, food on the table. It’s important to recognize that any financial strain is destabilizing and can impact mental health and overall productivity on the job front.
Good communication and an environment where people feel validated and respected can alleviate much stress.
Your family, friends, colleagues, and team members may seem more anxious and on edge than they were before. With the onset of high levels of financial stress, as with other stressors, there are significant symptoms to look out for such as anxiety, headaches, body aches, compromised immune systems, digestive issues, high blood pressure, muscle tension, heart arrhythmia, depression and a feeling of being overwhelmed. Equally important is to look for signs of over medicating, self-medicating and lack of self-care.
Here are 6 Ways to Deal With The Current Situation in Our Nation’s Economy While Managing Your Own Health and Wellness
1. Set Realistic Goals – Whether you’re planning for retirement or a vacation, or looking to get healthier, or if you are feeling overwhelmed, setting goals can help get you where you want to go.
2. Build an Emergency Fund- Having at least $1,000.00 in a reserve account at all times is helpful. Put in a few dollars each month if you can.
3. Keep Track of Bills and Earnings – Make yourself a list of monthly bills and monthly income to keep yourself on top of things.
4. Shop Carefully – You don’t need as much as you think you do. Neither do your kids.
5. Understand Your Credit Score and Credit Reports. Higher credit scores can lower many rates on loans and other types of purchases. Paying Child Support can lower your credit scores and can lower the ability to get lower rates.
6. Don’t’ Be Afraid to Ask for Help- Get some referrals and seek out a financial guide, a coach, a counselor, nutritionist or a doctor to keep you on track and help you to manage your emotions, your finances and your health. Ask your employer or local community leaders for the services available to you and your family for help. Many employee assistance programs and community services are free and easily accessible.
The way we process the current situation and the decisions we make now will affect us and the next generation well into the future.