In what has become a regular headline in recent weeks, the stock market plunged again on Monday and Tuesday, sending yet another wave of fear through the collective hearts of Americans who are worried about their financial futures.
The recent news from the financial world has dredged up fear across the globe and fiscal worries have cast a pall over many segments of society. Tragically, financial troubles were mentioned as a possible motive behind a murder-suicide in Los Angeles on Monday that saw an unemployed man kill five family members before he turned the gun on himself.
And while it’s natural for worry and anxiety to spike in the wake of slouching markets and negative financial news, University of Nebraska Medical Center psychiatrist Carl Greiner, M.D., said it’s just as important for people to properly deal with this worry as it is to effectively handle their money.
“The news can often cause people to see things as worse than they really are,” Dr. Greiner said. “While the stock market may be down 30 percent, it’s not down 100 percent. Most of us haven’t lost everything.”
Level-headed counsel from trusted friends and advisers, quality sleep, proper diet and exercise and needed help from the psychiatric and medical professionals can go a long way toward helping people through uncertain times, the UNMC professor of psychiatry said.
“One of the biggest problems is that people tend to keep all their information to themselves, including their financial worries,” he said. “And fear feeds on itself.”
Talking with one’s spouse or a friend or family member who is good with money may help people get a handle on their real financial situation, Dr. Greiner said.
“It’s important that people get honest perspective on where they are financially,” he said. “This can help them avoid making rash decisions that could be disastrous.”
Talking with others can help people see the various options they face, Dr. Greiner said.
“If you really are facing a financial crisis, talking with someone you trust can help you see ways to deal with your situation that maybe you wouldn’t have thought of on your own,” Dr. Greiner said, “and such discussions just may help you see that your situation isn’t really as bad as you feared it was.”
It’s also helpful for people to remember to take care of their health during such times, too, Dr. Greiner said, noting that proper exercise, a good diet and adequate rest can help people cope with the current situation.
“It’s really helpful to keep yourself in shape when you have to deal with difficult times,” Dr. Greiner said, “and that’s especially true considering that people tend to indulge more in overeating and drinking in times of high stress, which actually just adds to the problems.”
Health care professionals such as therapists and psychiatrists can prove to be valuable resources during periods of uncertainty, Dr. Greiner said.
“If you’re having a severe anxiety and/or a hard time sleeping because of your financial situation, tell your doctor or psychiatrist,” Dr. Greiner said. “We may not be able to help with your finances, but we may be able to help you get the rest you need to deal with your situation.”
Parents also should do what they can to reassure their children during such times, he said.
“Children see the news, too. If you’re not in crisis, it’s important to let your children know this and if you are in a tough situation, tell your children the truth but also let them know some of the steps you are taking to deal with your situation,” Dr. Greiner said. “It’s important that they know that, yes, a 7 percent drop in the market is significant, but it’s not the end of the world, either.”
UNMC is the only public health science center in the state. Its educational programs are responsible for training more health professionals practicing in Nebraska than any other institution. Through their commitment to education, research, patient care and outreach, UNMC and its hospital partner, The Nebraska Medical Center, have established themselves as one of the country’s leading centers in cancer, transplantation biology, bioterrorism preparedness, neurodegenerative diseases, cardiovascular diseases, genetics, biomedical technology and ophthalmology. UNMC’s research funding from external sources now exceeds $82 million annually and has resulted in the creation of more than 2,400 highly skilled jobs in the state. UNMC’s physician practice group, UNMC Physicians, includes 513 physicians in 50 specialties and subspecialties who practice primarily in The Nebraska Medical Center. For more information, go to UNMC’s Web site at www.unmc.edu.