As talk of the banking crisis, falling housing prices, rising consumer debt and declining retail sales bring up worries about the nation’s economic health, more Americans feel additional stress and anxiety about their financial future.
Money is often on the minds of most Americans. In fact, money and the state of the economy are two of the top sources of stress for 80 percent of Americans, according to the American Psychological Association’s 2008 Stress in America survey. Add to the mix headlines about closing businesses and job losses, and many begin to fear how they can handle any further financial crunch.
But, like most of our everyday stress, this extra tension can be managed. Psychologists first recommend taking pause and not panicking. While there are some unknown effects in every economic downturn, our nation has experienced recessions before. There are also healthy strategies available for managing stress during tough economic times.
The American Psychological Association offers these tips to help deal with your stress about money and the economy:
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