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Jun 2009
10 Tips to Cope with Financial Stress for Older Adults
(Bethesda, MD, June 15, 2009)--Worries about personal finances are widespread these days and affect individuals of all ages and income levels. Older adults, too, are feeling the stress of rising prices and shrinking savings. The burden of today’s economy may leave some older adults without enough money for even necessary health care, like prescriptions and physicians’ visits. Unfortunately, financial worry can lead to health problems like depression, anxiety, sleep disorders, alcohol and drug abuse, and high-blood pressure.
How can older individuals and their families cope with financial stress? Mental health experts with the Geriatric Mental Health Foundation suggest:
· Manage the stress through exercise, hobbies, and activities with friends and families. While these sorts of activities may be far from your mind, they can help to relieve stress and provide both physical and mental benefits.
· Share the stress by talking with others about your worries. This coping strategy helps shine a realistic light on our problems, may elicit helpful suggestions, and leaves us feeling that we are not alone. Older persons who are religious might wish to discuss their concerns with clergy or spiritual leaders. Places of worship and prayer can be a source of support and information.
· Don’t get caught up in media reports about the national or global economy. Paying too much attention to the news about the economy is not always helpful and can be overwhelming.
· Evaluate your own financial situation and make those personal changes that you can to help reduce expenses. Get help if you need it from your family, religious institutions, local government, and utility companies, which may have assistance programs.
· If you need help with your medical bills, contact Medicare or Medicaid for advice. For information on how Medicare can help those with limited income afford their prescription drug costs, call Social Security at 1-800-772-1213 or visit www.socialsecurity.gov. Help with prescription drug costs is also offered by prescription drug assistance programs, some pharmaceutical companies, and retail vendors. For instance, learn about the Partnership for Prescription Assistance by calling toll-free 1-888-4PPA-NOW (1-888-477-2669) or visiting www.pparx.org.
· For some older individuals, this may be a stressful time due to the financial problems of adult children or grandchildren. Older adults may be asked to provide financial support to family members, and this can create additional hardships. If you are unable to provide financial help, consider giving advice or even recommending financial counseling to family members.
· Pay attention to your health. If you feel that worrying is affecting your health, sleep patterns, or contributing to any unhealthy habits like excessive drinking, seek the advice of a health care provider.
· Keep an eye on the older adults—family members, friends, neighbors—in your life and watch for any warning signs that financial stress has progressed to health problems needing medical attention. Warning signs include a loss of interest in social interactions and once-enjoyable activities, a pronounced change in dress or grooming habits, disorientation, or prolonged sadness.
· Take suicidal thoughts or statements seriously and get help. If you think you just can’t go on with the stress, see a mental health provider immediately. If your relative or friend expresses that they no longer want to live, get help. The National Suicide Prevention Lifeline is a 24-hour, toll-free suicide prevention service available to anyone in suicidal crisis. If you need help, please dial 1-800-273-TALK (8255).
· As financial worries put additional strain on families and other caregivers, family members and friends should also be on the lookout for elder abuse. Signs of elder abuse include bruises, broken bones, and abrasions; unexplained withdrawal from normal activities and depression; and unattended medical needs, poor hygiene, and unusual weight loss.
While financial concerns can be a great cause of strain for individuals and families, many older adults who have lived through recessions and even the Great Depression advise others to have perspective and be resilient. “It will all turn around, it always does,” advised one 82-year-old Maryland woman whose family lost its home to foreclosure in the 1930s.
Times of hardship often bring out the best in people and inspire generosity. If your own finances are not a concern for you, but the national economy has you worried, help out where you can and consider volunteer work.
The Geriatric Mental Health Foundation was established by the American Association for Geriatric Psychiatry to raise awareness of psychiatric and mental health disorders affecting the elderly, eliminate the stigma of mental illness and treatment, promote healthy aging strategies, and increase access to quality mental health care for the elderly.
The Foundation has a number of free mental health care guides for older adults and their families including:
· Anxiety and Older Adults: Overcoming Worry and Fear
· A Guide to Mental Wellness in Older Age: Recognizing and Overcoming Depression—A Depression Recovery Tool Kit
· Depression in Late Life
· Substance Abuse and Misuse Among Older Adults: Prevention, Recognition and Help
· Sleeping Well as We Age
· Healthy Aging: Keeping Mentally Fit as You Age
Learn more at www.GMHFonline.org.
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