Prioritizing Mental Health for Outfitters Amid Inflation-Related Anxiety

Financial stress can be a burden, but it can also negatively impact your mental health. During this period of increased inflation, it is especially important to understand the relationship between financial and mental wellness so you can apply strategies to help you improve both areas of your life and your business.

What is Inflation Related-Anxiety?

Inflation  has led many Americans to reexamine their spending even when it comes to everyday needs such as groceries and gas. According to results from the American Psychiatric Association’s Healthy Minds Monthly Poll, nearly 90% of residents in the United States report “feeling anxious” or are “very anxious” about inflation.

The anxiety induced by financial stress can contribute to heart disease, high blood pressure, insomnia, more frequent colds and minor illnesses, and more. Further, many cope with financial stress in unhealthy ways, such as smoking, drinking and overeating, which can decrease overall health.

Financial distress and mental health challenges can be tough enough. But to make matters worse, when people’s anxiety takes a toll on their physical health, it can often lead to increased medical bills. At a time when inflation is so high, this can worsen anxiety for those already experiencing it.

How to Cope With Inflation-Related Anxiety

Luckily, there are ways that you can manage your anxiety to help mitigate these effects. Consider the following tips:

• Reframe your mindset. Shifting your perspective on inflation can be helpful. Try thinking about it like the weather: You may not be able to control the weather, but you can dress for it. Similarly, you can prepare for inflation by starting an emergency fund, limiting leisure spending and making other changes to your budget.
• Lean on family and friends. Talking with those close to you can help you stay grounded and reduce feelings of anxiety. Inflation can affect anyone, so it can help to talk with those you love about the struggles you are all likely facing.
• Seek professional help. Waiting to get help when you need it is only going to lead to worse mental — and possibly physical — health. If you’re concerned about your mental health, talk to your doctor or a licensed mental health professional or contact the Substance Abuse and Mental Health Services Administration’s National Helpline.
• Work with a financial planner.  Planning out your spending  with a professional can help eliminate uncertainty around managing your money. If feasible, consider having a financial planner assist with your budgeting so you can have more peace of mind when it comes to your financial choices and outcomes.
• Avoid negative media. Consuming too much negative content can increase feelings of anxiety. Set a limit for how much news-related information you consume each day, and focus instead on other activities, such as going for a walk or reading a book.

To deal with the current economic uncertainty, it’s best to focus on what you can control. That can mean fitting higher costs of necessary goods into a budget, prioritizing a positive mindset and focusing on your mental health.

You have probably heard of the significant benefits associated with workplace wellness programs; perhaps you have even implemented one in your organization. What many employers (and others) don’t realize is that financial wellness is just as important as physical wellness. In fact, employees who struggle from financial trouble are often more likely to have less focus at work, an unhealthier lifestyle and higher medical costs. Incorporating a financial component to your wellness program can be a strategic move that both your budget and your employees will appreciate.

The Connection Between Finances and Health

Financial trouble can be overwhelming and consuming, leading to trouble sleeping, less focus, moodiness and generally feeling run-down. The combination of stress, anxiety and lack of sleep can cause more colds and minor illnesses, and can also exacerbate existing medical conditions. In addition, those with financial problems are more likely to neglect their own health care, such as not spending money on preventive care or not adhering properly to medication and treatment regimens for chronic conditions. All of the above factors can contribute greatly to an increasingly unhealthy lifestyle and higher medical bills.

Problems at Work

Like any stressful personal problem, financial burdens can cause an employee to have a poor attitude at work, less focus, lower productivity and generally more carelessness in their work. Financial stress can increase absenteeism rates due to increased health problems, along with higher turnover as some employees search for higher-paying jobs.

How to Get Started

As an employer, you can help your employees cope with their financial problems and improve their financial situations. Consider offering financial benefits, including educational materials, resources for those needing advice or assistance, and classes to teach basic to advanced financial wellness. Simply offering education can be a huge benefit to your employees.

The Takeaway on Inflation-Related Anxiety

Inflation is still quite high, and its impact is leading to increased anxiety among many Americans. With that increased anxiety often comes negative physical effects, so it’s important to employ various coping mechanisms to ensure you and your team remain healthy. Whether avoiding negative media or connecting with those close to you, there are many ways to help reduce inflation anxiety.

Get the protection you need today —  request a free CBIZ Adventure Sport Insurance quote.

This blog may contain scenarios that are provided as examples only. In an actual claim situation, coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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