![]() Lack of ResourcesĪ lack of resources can greatly contribute to financial trauma. BIPOC, members of the LGBTQIA+ population, women, older adults, and members of non-dominant cultural or religious groups experience marginalization that impairs ability to obtain work, as well as opportunities for upward mobility. End of assistance or disability coverageįinancial discrimination may be based on race, culture, religion, gender, or sexual identity.Income loss that may lead to money trauma include: Financial Lossesįinancial trauma can be triggered by loss of income due to a variety of situations and circumstances. For some, accruing debt is an addictive and compulsive behavior. If your partner or spouse has a lot of debt or you are in a financially dependent relationship with them, it can trigger financial trauma in you. Substantial debt can lead to money anxiety about student loans, car payments, mortgages, business loans, and credit cards. Essentially, individuals inherit the “emotional DNA” of family members which can include the shared feelings towards money and finances. It’s also crucial to understand the impact of the chronic stress of poverty, inadequate financial resources, and traumatic financial losses.Īccording to research, trauma within a family system alters how DNA is expressed in an individual, thus allowing it to pass into future generations. The result is emotional, cognitive, and physical symptoms that can make it difficult to function.Īlthough it may be painful to explore, it’s important to reflect on how you may have been impacted by intergenerational trauma like slavery, the Holocaust, genocide, or major economic crises. Traumas are events that our minds and bodies can’t process like usual life experiences. The impact of poverty on mental health is paramount, and can trigger anxiety, depression, substance use disorders, eating disorders, and trauma. Possible causes of financial trauma include: History of Poverty Not only can it be influenced by direct financial hardships, but also by racism, marginalization, internalized belief systems, and sexism. It can also be passed down by generations within family systems. Analysis paralysis: One may feel frozen when it comes to making even simple financial decisions (such as grocery purchases).įinancial traumas can be caused by large-scale events, such as a global pandemic or economic recession, or smaller occurrences such as unemployment or healthcare costs.Obsessive-compulsive behaviors: A person may obsess about finances (balances or upcoming bills) and engage in checking behaviors to ease this (financial accounts, financial news, stocks, etc.).Rumination: Rumination refers to excessive second guessing about past decisions, choices, or actions.Somatic complaints: Physical symptoms may include muscle tension, tightness in the jaw, gastrointestinal problems, headaches, migraines, and other pains.Appetite disturbances: A person may experience a lack of appetite or overeat in response to money anxiety.Money anxiety: Money anxiety is excessive worry, nervousness, and fear about finances.Self-destructive behavior: This may include overspending, self-harm like cutting, or quitting a job out of frustration.Sleep disturbance: Financial trauma can result in difficulty falling asleep, staying asleep, or insomnia due to financial stress.Startle response: This occurs when the body has a strong panic response to triggers such as the phone ringing (thinking it could be bill collectors).Avoidance behaviors: Avoidance behaviors may include avoiding opening bills and financial statements, not logging in to credit card or banking accounts, declining a social invitation to limit spending, and so forth.Hypervigilance might look like agitation or being on edge whenever the topic of finances comes up. ![]()
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