A recent study conducted by British researchers at University College London has shed light on the potential health risks associated with financial stress. According to the findings, individuals who excessively worry about money may be at higher risk of developing various harmful diseases, including anxiety, depression, heart disease, high blood pressure, and premature death.
In an episode of “Unang Balita” aired on Tuesday, clinical psychologist Rainier Ladic highlighted the prevalent struggles faced by Filipinos in managing their finances. Ladic noted that “seven out of 10 Filipinos find it challenging to handle their finances and loan problems,” making the Philippines one of the most stressed nations in terms of household financial management.
To mitigate these health risks, Ladic emphasized the importance of financial literacy and the significance of securing a stable source of income. He also encouraged individuals to seek support from mental health professionals if financial stress becomes overwhelming. Ladic emphasized, “Reaching out to mental health professionals doesn’t mean something is wrong within us. The goal is to restore emotional stability in managing daily tasks.”
Offering practical advice for overcoming financial difficulties, financial coach and content creator Yani Moya shared two simple methods on a previous episode of “Unang Hirit.” The snowball method, she explained, involves prioritizing debt payments from the smallest to the largest amount. Additionally, Moya recommended increasing income through side hustles or small business ventures to alleviate financial burdens.
Regardless of the approach chosen, Moya stressed the importance of timely debt payments to prevent additional expenses or interest accumulation.