By Hope van Noppen, MTE Documents Specialist
In my undergrad, during a class about diagnosis in the mental health field, I learned of a term called comorbidity; the likelihood of one diagnosis to accompany another one. This is so common in mental health diagnosing that people who are diagnosed with one mental health disorder are at more risk of being diagnosed with multiple disorders.
To my surprise, comorbidity is particularly relevant to conversations around finances. People facing financial stress, whether through debt or economic difficulty, are more likely to experience mental health issues, physical health issues, and relational tension than those without.
“In situations of persistent stress, the body adapts to adverse conditions by establishing a new state of equilibrium, and the elevated levels of these chemicals can cause significant physical harm to vital bodily systems such as blood pressure, heart rate, memory, mood, and immune functioning.”
Drinking, smoking, and other maladaptive coping mechanisms have been shown to increase during times of economic instability, increasing the risk of cancer, addiction, and mental health struggles. At a time where finances are the largest stressor for Canadians and have such huge impacts on mental and physical wellbeing, what can we do?
Plan, Plan, Plan, And More Planning
Everyone’s finances look different and sometimes debt is necessary but what helps relieve the negative impacts of stress is having a plan. Whether on your own, finding online tools to help, or talking with a financial advisor or coach, creating a plan reminds us that there is hope.
Find Community
It is a running joke in my family that I will run out of gas on my motorcycle at least once every year. This is perhaps less a joke and more the truth (unfortunately), but what makes it humorous for me rather than a stressor is knowing that every time I am stranded on the side of the road, there are numerous people I can call who will come help.
Maybe you don’t often get stranded on your motorcycle, but what about the new house you just bought? Is there someone who could lend a truck to help you move instead of renting a van? Or maybe your paycheck got delayed and you can’t afford groceries for the next few days. Who in your community could provide you the support to make it through the week?
Community is perhaps the largest positive force combatting financial stress. Being able to turn to people who are safe can help regulate the stress of our bodies and broaden solutions to deal with debt or uncertainty. Instead of relying on debt to provide a financial buffer for economic uncertainty, finding and being vulnerable within community around your financial struggles can provide alternative resources.
Cultivate Trust in God
I admit to borrowing this phrase from Rebecca’s book Cultivating Trust—Finding God’s Hope and Freedom for Your Finances, but there is no better way to put it. In a conversation with Rebecca, she remarked, “We want quick answers and quick solutions but walking with God sometimes means taking steps backwards”.
Often we see trusting God as a continuous forward movement. We feel shame when we don’t meet our own expectations. Rebecca acknowledges that as long as we are walking with God through it all—even the doubt— it is all part of the journey. She encourages focusing not on the pursuit of wealth but of cultivating a trust that creates contentment, no matter the number in our bank account.
There is a beautiful liturgical blessing that comes to me when I am struggling to find that peace:
May the peace of God, which passes all understanding, keep your hearts and minds in the knowledge and love of God, and of his Son Jesus Christ our Lord; and the blessing of God Almighty, the Father, the Son, and the Holy Spirit, be among you, and remain with you always. Amen.
Endnotes
- Momen NC, Plana-Ripoll O, Agerbo E, Benros ME, Børglum AD, Christensen MK, Dalsgaard S, Degenhardt L, de Jonge P, Debost JPG, Fenger-Grøn M, Gunn JM, Iburg KM, Kessing LV, Kessler RC, Laursen TM, Lim CCW, Mors O, Mortensen PB, Musliner KL, Nordentoft M, Pedersen CB, Petersen LV, Ribe AR, Roest AM, Saha S, Schork AJ, Scott KM, Sievert C, Sørensen HJ, Stedman TJ, Vestergaard M, Vilhjalmsson B, Werge T, Weye N, Whiteford HA, Prior A, McGrath JJ. Association between Mental Disorders and Subsequent Medical Conditions. New England Journal of Medicine. (2020 Apr 30); 382(18):1721-1731.
- Drentea P, Reynolds JR. Where Does Debt Fit in the Stress Process Model? Soc Ment Health. 2015. 5(1):16-32
- Choi, L. (2009). Financial stress and its physical effects on individuals and communities. Community Development Investment Review, 5(3), 120-122.
- https://www.fpcanada.ca/2026-financial-stress-index