FEELING STRESSED ABOUT MONEY?

This short self-assessment is a first step in identifying causes of financial distress and building a plan to manage it.

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A lack of income or savings can be a major source of stress, and limits our access to many of the things we need or want for healthy and enjoyable lives. Many men often feel cultural and social pressure to be “breadwinners” and providers for their families, and may encounter feelings of shame when unable to fulfill this role. 

By itself, having a low income is not a predictor of poor physical or emotional well-being, but financial scarcity does reduce access to many things required for a fulfilling life.[1] These include:

  • Healthcare, housing, food
  • Social connections and social supports
  • Travel, recreation
  • Education and job opportunities

DEFINING FINANCIAL STRAIN

Financial insecurity is defined as a state of being wherein a person has difficulty fully meeting current and/or ongoing financial obligations and/or does not feel secure in their financial future. [2] 

Being in financial stress increases the probability of developing symptoms of depression and anxiety, and ongoing financial strain can get in the way of recovery from these conditions.[3]

Past experiences of financial hardship, poverty, job loss, or precarious employment can also lead to ongoing anxiety around money and an inability to feel financially sound, even if our current savings and income are both sufficient. 

Studies have found that growing up in poverty can have a huge impact on mental health, lifelong attitudes, and well-being, regardless of financial status and stability as an adult.[4]

HOW TO DEAL WITH FINANCIAL STRESS

The first step toward addressing financial stress is identifying its causes, which may be a current shortage of money, financial insecurity and worry about the future, or simply issues with budgeting and planning.

The self-assessment below examines four key domains: 

  1. Shortage of money
  2. Lack of control or a sense of helplessness
  3. Rumination and worry
  4. Short-term focus

At the end of the survey, we’ll offer some tailored guidance based on your responses.

Come back and track your progress

This questionnaire can be retaken periodically to track how different aspects of financial strain are affecting you over time. This can be useful for identifying effective strategies for reducing both financial and mental stress. 

Disclaimer

This assessment is based on the Psychological Inventory of Financial Scarcity (PIFS), a validated tool that is used in clinical and research settings to assess the psychological impact of real and perceived financial scarcity.[5] 

While this is a metric used by doctors and mental health professionals to assist with diagnoses and as a part of health assessments, this survey should not be used on its own as a self-diagnosis. The advice given here is based on your responses to survey questions, but as we do not know the details of your financial or social situation, you should act on it only in accordance with your own needs and abilities.

Privacy

The questionnaire presented here is anonymous and no personally identifying information is required. It includes an opt-in demographic section that helps inform our understanding of our visitors and the development of our content.

Contact information for our email newsletter (if you choose to opt-in) and your responses are stored separately. See our terms, privacy, and conditions for more information.

References

  1. Cummins, R. A. (2000). Personal income and subjective well-being: a review. Journal of Happiness Studies, 1, 133-158.
  2. Sargent-Cox, K., Butterworth, P., & Anstey, K. J. (2011). The global financial crisis and psychological health in a sample of Australian older adults: A longitudinal study. Social Science & Medicine, 73(7), 1105–1112. https://doi.org/10.1016/j.socscimed.2011.06.063
  3. van der Velden, Peter G., Contino, C., Muffels, R., Verheijen, M. S., & Das, M. (2023). The impact of pre- and post-trauma financial problems on posttraumatic stress symptoms, anxiety and depression symptoms, and emotional support: A prospective population-based comparative study. Journal of Anxiety Disorders, 96, 102714-102714. https://doi.org/10.1016/j.janxdis.2023.102714
  4. Evans, G. W., & Cassells, R. C. (2014). Childhood poverty, cumulative risk exposure, and mental health in emerging adults. Clinical Psychological Science, 2(3), 287-296. https://doi.org/10.1177/2167702613501496
  5. van Dijk, W. W., van der Werf, Minou M.B., & van Dillen, L. F. (2022). The psychological inventory of financial scarcity (PIFS): A psychometric evaluation. Journal of Behavioral and Experimental Economics, 101, 101939. https://doi.org/10.1016/j.socec.2022.101939