Episode 14 – Financial Stress

Today’s guest is Ato Yohannes Ferdinando Drar, mental health expert. Mr. Drar lives in Ottawa, Canada and our discussion was conducted over the phone.

Many people today live beyond their means and carry a large amount of stress as a result. Financial stress can have a direct impact your family’s health. In 2017 survey of 5,200 people by a financial services consulting firm (Seymour Management Consulting) has uncovered a staggering level of repressed financial stress. Forty-seven per cent of participants agreed that money worries cause them extreme emotional stress and 40 per cent said money worries cause them to lose sleep. Families under financial stress are more likely to suffer poorer health.

Spending beyond our means is forcing families to work longer hours and spending less quality time with their loved once. It’s extremely stressful for the adults and quite often very scary for the children in the household. When parents are stressed, tense or anxious, the children no longer feel secure. It’s important to try to keep a positive outlook (especially in front of the kids) and remain attentive and loving toward the children. If they’re old enough, be honest and explain to them what is going on and reassure them that you’re in this together, as a family.

While there’s no quick or easy solution, you have to start somewhere. Simplify your way of living and learn to live off less. Make a budget and stick to it. You have to take expert opinions in how much you can afford in buying a house or other big ticket items. We have to focus on what is important to us and to our families. Be practical.

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