This is how to deal with financial anxiety - and online tools to help you

As the impact of Covid-19 continues, many of us are experiencing financial anxiety due to lack of work, being made redundant or being furloughed.

Here, Paul Day, a support officer for wellbeing charity CABA, gives some advice on how best to cope with anxiety linked to financial stress at this time.

Try talking

Talking about your finances is never going to be easy. Along with politics, sex and religion, the subject of money is often considered to be a deeply private matter - something never to be discussed in public, or even among members of the same family.

That is why so many of us remain silent, even when we’re suffering. The barriers preventing us from reaching out and asking for help when we’re experiencing financial hardship can sometimes feel simply too high to overcome.

But, in the midst of a global crisis, when so many of us are worried about our personal finances, our businesses and our futures, we can find strength in solidarity. Now, more than ever, we need to break down those walls and learn how to ask for help.

Failure to do so could have severe and long-lasting consequences. Citizens Advice found that 74 per cent of people who have financial difficulties have experienced mental health issues, leading to over half having had panic attacks.

Increased stress levels also lead to a lack of sleep, which can impact physical health. At the same time, financial well-being can have a profound effect on personal relationships, isolating people from support systems when they might need them the most.

So, how do we ease the burden and empower people to open up about money?

Learning how to understand your feelings and articulate them

Financial well-being is about control. Control over your day-to-day decisions and long-term goals. When we lose this sense of control, we find ourselves stifled, caged in, and helpless.

Anxious thoughts start to cross our mind, such as, 'Can I pay rent this month? Will I ever be able to buy my first home? Do I have enough money to support my family? Will I have enough money saved to enjoy retirement?'