Senior Spotlight: The Link Between Financial Debt & Physical Pain
A recent study reveals that debt doesn’t just hurt your wallet – but causes physical pain too.
We all know that financial debt can lead to increased anxiety and decreased feelings of happiness. But did you know that overwhelming financial obligations can cause physical pain that interferes with day-to-day activities too?
According to University of Missouri Researcher Adrianne Frech, a medical sociologist and associate professor in the MU School of Health Professions: “The steady stream of stress and anxiety tied to such debt results in poorer health later in life.”
Frech and her team explored the financial health of nearly 8,000 Baby Boomers when they were between the ages of 28-40, then checked their physical health at age 50. The published findings can be found in full HERE; but ultimately revealed that “those with constant high debt or accumulating debt later in life were more likely to report pain interference or joint pain or stiffness. The amount, timing, and duration of unsecured debt accumulation and repayment have important health implications and may exacerbate midlife health inequalities.”
So if constant high debt is linked to later levels of pain in life… what can you do about it? We recommend starting with a review of how you feel about your current finances, and if you consider yourself historically managing constant low debt or chronic high debt. Does your current financial situation reflect where you want to be? Have you set a 1, 3 and 5 year goals for financial and physical well-being? Once you assess what you want – it’s time to check in with the people who can support you in getting there. A trusted financial advisor? A tax professional? An estate planning professional? A Senior Real Estate Specialist®? If managing debt can increase your mental well-being and possibly lessen the physical pain associated with unmanaged debt - why not take some steps to get it under control? You are worth it.
Further Reading On Senior Debt: Get the Facts on Senior Debt (National Council On Aging)
Bobbi Decker
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