June is Men’s Health Month, making it a great time look at the impact financial stress is having. Millions of men are suffering from financial stress, with few of them talking about it. The toll that it takes on their mental and physical health cannot be understated, making it imperative that the issue gets more attention, leading to more men getting relief from the situation. One financial planner shares what he’s seen in the industry firsthand.

“This issue is not talked about enough, but I’ve seen the devastating impact that financial stress is having on men’s health,” said Jeff Smith, a financial planner and owner of The Retirement Smith. “As a society and individually, we need to gain a better understanding of the issue, including how to address it.”

Research published in a Springer Nature journal issues looks at the relationship between financial worries and psychological distress in adults. They report that there is growing evidence that financial strains and worries play a significant role in mental health. Financial stress is related to higher levels of psychological distress, emotional exhaustion, reduced immune response, heart disease, and increased mortality.

In another study published in the journal Frontiers of Public Health, researchers report that financial stress during young adulthood may have lasting effects on financial security, physical health, and overall well-being. They found that one in six young adults in the U.S. experiences high financial stress, which puts them at high risk for psychological distress.

With the rising costs of just about everything in recent years, people are feeling more financial stress, especially men who feel often feel they have an obligation to earn more, do more, and be a provider, despite the costs of everything around them. The emotional toll that it takes can lead to anxiety, burnout, fatigue, irritability, upset stomach, headaches, muscle tension, and feeling angry. They often avoid talking about it or seeking professional help, which only adds to the burden they are carrying. Yet that chronic stress puts them at risk for health issues, according to a study published in the journal Nursing Research. Their findings report that financial stress is associated with a higher prevalence of metabolic abnormalities and cardiovascular disease.

Clearly, there is an issue in men’s health that is being driven by financial stress, and it needs to be discussed and addressed. Here are some things that can be done to help ease the burden:

• Discuss it more. This is an issue that needs to be talked about and out in the open, so more men feel safe getting help and addressing it. Start the conversations, discuss the issue, and work with others to ensure that society is aware of the financial stress men are under and what it’s doing to them. Men need to know they are not alone in feeling this way.
• Evaluate needs and wants. Especially with the rise of social media, people are comparing themselves to others more and trying to keep up. Close the apps and stop comparing, because it often adds to the burden and leads people to grasp for more and more material possessions, which increases the financial stress.
• Be realistic. There is a difference between wants and needs. The truth is that most people don’t need as much money as they think they do. Many are too focused on the wants. Reducing the wants helps get rid of some of the chase and reduce stress. Focus more on what you need and living a more simple life, so that it gives you room to breathe.
• Don’t lose sight. Remember that money doesn’t buy happiness. That is an inside job. Once basic needs are met, one has the capacity to be happy, without having more possessions. In other words, while it seems like a new boat is going to make one happy, the truth is that it may be a financial burden that brings about the opposite due to the financial stress it causes.
• Practice self-care. While women are more familiar with this term, it’s important for men as well. Maintaining an exercise routine, eating healthy, getting enough sleep, and doing something to reduce stress will go a long way to help the situation. Keep exercising, eating right, and take up something like meditation to reduce mental stress.
• Get professional financial help. One of the top reasons people work with a financial planner is to reduce stress and feel more stable. They are able to help with planning now and for the future, which gives people a better look at their financial situation, and creates a roadmap to ensure a comfortable and secure future.

“We cannot have a month highlighting men’s health without discussing financial stress,” said Smith. “The two go hand-in-hand. Financial strains on men need to be addressed, as they are related to his psychological and physical health, and his wellbeing. I’ve helped many navigate this situation, and I’m happy to help ease the burden of others by helping them, too.”

The Retirement Smith serves those in the Fredericksburg, Va., area and beyond with individualized financial planning. Their motto is to treat people as they want to be treated, and they aim to ensure there are no gaps, that people have the answers and solutions they need, and that they will not fall short in their retirement years. They offer retirement planning, income planning, and life insurance. They provide a free, color-coded money risk analysis that focuses on the three major phases of retirement financial management: accumulation, distribution, and preservation. They also offer a Balanced Retirement book to help people plan for a successful retirement. Smith has recently joined with his wife, Jennifer Scherer, owner of Fredericksburg Fitness Studio, to create a podcast that focuses on fitness and finances. For more information or to schedule a complimentary consultation, please visit our website at: https://www.theretirementsmith.com/.