Psychology of finances

Even if you are not having financial difficulties, chances are you are still affected by the current state of the economy.

A local psychology professor said almost everyone is dealing with some amount of stress from the economy, which can affect everything from your mood to your health. “Even people who don’t end up being affected by this but believe that they might be affected by it will experience similar levels of stress,” said Len Lecci, Psychology professor at UNCW.

These people are not alone, according Lecci. The stress is felt by more than just the people who’ve lost assets and money. This worry can affect your health, causing insomnia, anxiety and depression, which can lead to problems at work and in your personal relationships.

But there are ways to cope. Lecci said, “If you think you have control over these events then you can actually minimize the stress that you’re experiencing. You can start thinking about ways in which you can make financial cuts in your own budget to make it through, whether you have to do those cuts or not is somewhat irrelevant just as long as you believe I have control over this.”

If you have lost money and are struggling financially, Lecci said you may have to re-evaluate and adjust your lifestyle. “Reality is not just what your net assets are. Reality is, are you able to get through the day and do the basic things that need to be done?”

Tony Merritt has tried to deal with the poor economy positively. “I was poor before the economy and I’m going to be poor afterwards, that’s just the way it is,” Merritt said. “I just get my 10 hours go home, hang out with my kids and that’s about it.”

Lecci said if your stress causes you to lose sleep or your appetite, and/or disrupts your daily activities for more than seven days, you need to check with your doctor. It could mean signs of depression or clinical anxiety.