THE MENTAL TOLL OF MONEY STRESS and How to Support Your Account Holders It’s been a turbulent few years, beginning with the pandemic and followed by persistent inflation, rising housing costs and uncertainty surrounding economic policy. In the U.S., 77% of adults experience financial anxiety, and 58% feel like money controls their lives. More than one-third of adults say financial problems have directly affected their mental health. Left unchecked, feeling financially squeezed can escalate into depression, anxiety or avoidance behaviors that make the problems worse. Long-term financial strain has also been associated with higher cortisol levels, fatigue and an increased risk of cardiovascular disease, along with other physical concerns. The link between personal finances and emotional well-being is undeniable. With that in mind, community financial institutions have an opportunity to offer responsible support that helps reduce financial stress and better serve the people who rely on them. With the right approach, they can help account holders ease anxiety and regain a sense of stability. How Financial Institutions Can Help When people are under financial pressure, they may lose confidence in their institution if they feel judged or overlooked. Empathy and proactive support serve both human and business needs, strengthening relationships and building long-term loyalty. Account holders who feel understood during difficult periods are more likely to stay and more willing to explore additional products and services later. Community banks and credit unions have a natural advantage over larger or online-only institutions By FRED STAPLETON VP of Relationship Management, CSI 9 In Touch
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