Parishioners and priests alike have a hard time talking about money issues when they veer out of control. But given the suffering caused by financial stress, do clergy have an obligation to break the silence around money?
How did the subject of money become so painful that we can’t bring ourselves to talk about it, ask for help with it, or take the steps we know we should to fix it? Surely this is not God’s intention. Yet it is a reality for more than 60% of Americans who suffer financial distress due to debt, spending, tax issues, education costs, or retirement worries.
These are the statistics:
• Credit card debt hit a record high this year at more than $1 trillion, according to the Federal Reserve.
• Student loan debt has jumped 150% in just a decade.
• One in every four Americans doesn’t have a single dollar saved for an emergency. (1)
• Money was the number one source of stress for U.S. adults for seven years in a row, 2010 to 2016. (2)
• A 2017 study found 62% of Americans more stressed about money than about their jobs, the political climate, violent crime or health care. (2)
• While clergy may fare better in some measures, studies show that our church leaders experience financial insecurity at rates comparable to those above. (3)
• Student loan debt has jumped 150% in just a decade.
• One in every four Americans doesn’t have a single dollar saved for an emergency. (1)
• Money was the number one source of stress for U.S. adults for seven years in a row, 2010 to 2016. (2)
• A 2017 study found 62% of Americans more stressed about money than about their jobs, the political climate, violent crime or health care. (2)
• While clergy may fare better in some measures, studies show that our church leaders experience financial insecurity at rates comparable to those above. (3)
Financial stress is not just in our heads. It can ruin our health.
Financial stress can lead to severe health issues. For many, it morphs into a prolonged sense of dread, which in turn weakens our immunity and can cause or worsen headaches, insomnia, heart disease, ulcers, cancer, and other disorders.
Psychological studies prove that financial worries erode mental health as well.
• Clinical Psychology Review examined 65 such studies and reported a clear link between financial and mental health. Researchers found that mental illnesses – including depression, anxiety, neuroses and certain forms of psychosis – are three times more likely to occur when an individual is in debt. (4)
• Twenty-three percent of respondents to a recent survey reported symptoms of post-traumatic stress disorder (PTSD) due to their personal finances. These respondents admitted to irrational or self-destructive behavior motivated by a desire to avoid the reality of financial problems. (5)
We can’t see a person’s bank balance or stack of unpaid bills.
But we can be sensitive to their mental distress.
It’s common for those in crisis to suffer alone. Breadwinners may put on a brave face and pretend all is well – while being late on the mortgage gives them panic attacks. Another common reaction is Debt-Anger Syndrome. Instead of panicking or denying, victims get mad at everyone around them, and cut themselves off from those who could help. They know that too often, society blames the victim for their financial difficulties.
Now there’s science to prove that when a person experiences financial stress, it’s only human to engage in behavior that tends to make the situation worse.
Princeton psychologist Eldar Shafir, PhD, has led studies that quantify how preoccupation with finances limits cognitive abilities for people from all walks of life. Financial emergencies take up so much “brain space” that performance in critical areas suffer: parenting, jobs, relationships, and yes, the ability to take reasonable steps toward solving financial problems. “Each time new issues raise their ugly heads, we lose cognitive abilities elsewhere,” Shafir explains. Thus money problems and their effects trap people in an endless loop: Poor financial health leads to poor mental health, leading to even more financial setbacks, and so on.
Financial stress can lead to severe health issues. For many, it morphs into a prolonged sense of dread, which in turn weakens our immunity and can cause or worsen headaches, insomnia, heart disease, ulcers, cancer, and other disorders.
Psychological studies prove that financial worries erode mental health as well.
• Clinical Psychology Review examined 65 such studies and reported a clear link between financial and mental health. Researchers found that mental illnesses – including depression, anxiety, neuroses and certain forms of psychosis – are three times more likely to occur when an individual is in debt. (4)
• Twenty-three percent of respondents to a recent survey reported symptoms of post-traumatic stress disorder (PTSD) due to their personal finances. These respondents admitted to irrational or self-destructive behavior motivated by a desire to avoid the reality of financial problems. (5)
We can’t see a person’s bank balance or stack of unpaid bills.
But we can be sensitive to their mental distress.
It’s common for those in crisis to suffer alone. Breadwinners may put on a brave face and pretend all is well – while being late on the mortgage gives them panic attacks. Another common reaction is Debt-Anger Syndrome. Instead of panicking or denying, victims get mad at everyone around them, and cut themselves off from those who could help. They know that too often, society blames the victim for their financial difficulties.
Now there’s science to prove that when a person experiences financial stress, it’s only human to engage in behavior that tends to make the situation worse.
Princeton psychologist Eldar Shafir, PhD, has led studies that quantify how preoccupation with finances limits cognitive abilities for people from all walks of life. Financial emergencies take up so much “brain space” that performance in critical areas suffer: parenting, jobs, relationships, and yes, the ability to take reasonable steps toward solving financial problems. “Each time new issues raise their ugly heads, we lose cognitive abilities elsewhere,” Shafir explains. Thus money problems and their effects trap people in an endless loop: Poor financial health leads to poor mental health, leading to even more financial setbacks, and so on.
“There's a very particular psychology that emerges when we don't have enough and this psychology leads to very bad outcomes,”
Eldar Shafir, PhD. Scarcity: Why Having Too Little Means So Much
Should Financial Wellness be a ministry for your church?
Clearly, financial and mental wellness can deteriorate if solutions are not made readily available to those struggling. These conditions are so widespread, they’re bound to affect your congregation. How much spiritual suffering comes from our inability to talk to each other about money?
Take action now.
Through Pathways to Vitality, the diocese works to alleviate financial stress in the lives of clergy so that they, in turn, can improve the well-being of all parishioners. If you’re ready to think more deeply about money in your own life, and in the life of your parish, we urge you to participate in our Financial Wellness Programs.
See where you stand: The Consumer Financial Protection Bureau has developed ten questions to measure your current financial well-being. Take the test and find more help here:
https://www.consumerfinance.gov/consumer-tools/financial-well-being/
See where you stand: The Consumer Financial Protection Bureau has developed ten questions to measure your current financial well-being. Take the test and find more help here:
https://www.consumerfinance.gov/consumer-tools/financial-well-being/
Stay tuned.
Next month, we’ll share ideas for bringing constructive conversations about money into your ministry.
FOOTNOTES
1 Catey Hill, “The No.1 Reason Americans are So Stressed Out.” http://marketwatch.com, December 17, 2018.
2 American Psychological Association, “Stress in America: The State of Our Nation.” Stress in America™ Survey. https://www.apa.org/news/press/releases/stress/2017/state-nation.pdf
3 Leadership Network, “Pastors’ Financial Health Report.” 2014.
4 T. Richardson, P. Elliot and R. Roberts, “The Relationship Between Personal Unsecured Debt and Mental and Physical Health: A Systematic Review and Meta-Analysis.” Clinical Psychology Review. December, 2013.
5 Jesse Campbell, “Financial Stress leads to Symptoms of Depression, PTSD.” Blogging for Change (blog), May 3, 2016. https://www.moneymanagement.org/blog/2016/05/financial-stress-leads-to-symptoms-of-depression
OTHER SOURCES
https://www.debt.org/advice/emotional-effects/
https://www.apa.org/monitor/2014/02/scarcity
https://www.ifebp.org/store/financial-education/Pages/2018-survey-results.aspx
https://www.apa.org/research/action/speaking-of-psychology/financial-stress
FOOTNOTES
1 Catey Hill, “The No.1 Reason Americans are So Stressed Out.” http://marketwatch.com, December 17, 2018.
2 American Psychological Association, “Stress in America: The State of Our Nation.” Stress in America™ Survey. https://www.apa.org/news/press/releases/stress/2017/state-nation.pdf
3 Leadership Network, “Pastors’ Financial Health Report.” 2014.
4 T. Richardson, P. Elliot and R. Roberts, “The Relationship Between Personal Unsecured Debt and Mental and Physical Health: A Systematic Review and Meta-Analysis.” Clinical Psychology Review. December, 2013.
5 Jesse Campbell, “Financial Stress leads to Symptoms of Depression, PTSD.” Blogging for Change (blog), May 3, 2016. https://www.moneymanagement.org/blog/2016/05/financial-stress-leads-to-symptoms-of-depression
OTHER SOURCES
https://www.debt.org/advice/emotional-effects/
https://www.apa.org/monitor/2014/02/scarcity
https://www.ifebp.org/store/financial-education/Pages/2018-survey-results.aspx
https://www.apa.org/research/action/speaking-of-psychology/financial-stress
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