How the Economic Depression is Affecting Americans' Health

By Linda Ober, Contributing writer

Stress. Fear. Angst. Depression. Anxiety. Panic.

Most Americans have experienced any or all of these painful emotions in the past few months, as the stock market continues to plummet, food prices rise and real estate values are on the decline.

For Theodore Sarenski, a financial planner with Dermody, Burke & Brown in Auburn, the past few weeks have collectively been the most difficult times he's been through in terms of his professional career.

Everything that we learned over the years, none of it seems to be working, and that is frustrating and worrisome (because) we want to be doing the right thing for our clients, said Sarenski, who has been a financial planner for 16 years and was an investor before that.

Where do we turn? What do we do? How much more research can we do? Sarenski asked. That's what makes us (financial planners) not sleep at night, and the fact that clients have trusted us with their lives.

The clients are not stressing us, we're stressing ourselves.

All of this stress, whether felt by the financial planner or the person whose portfolios are being managed, is taking its toll on the emotional health of the nation, reports have shown.

A recent CNN article said that the nation's psychologists have observed several anxiety-related unhealthy behaviors, everything from gambling and drinking to overeating and being unable to function due to severe fears about what will happen in the future.

At AnxietyConnection.com, a HealthDay story cited an uptick in the number of people being treated for sleep disorders.

And an Associated Press story discussed authorities' concerns about suicides and other mental-health related violence that can be traced to the financial crisis.

Dr. William Wittlin, a psychiatrist with offices in Skaneateles and Ithaca, understands why people are worried and subsequently fearful. He believes that our nation has gone from living the American Dream to being stuck in the American Nightmare.

I don't think we're going to cope very well because we've had upward mobility since 1945, Wittlin said of America's confronting financial-related stress.

Sarenski and his colleagues were not about to wait for such stress to explode. After the market fell 2,250 points in just 12 days, employees of Dermody, Burke & Brown called every client to try to answers any questions and to be proactive about the situation.

Whereas as in past downturns such as the dotcom fiasco in the beginning of the century losses were gradual or just in one sector of the economy, the current downturn involves several different areas and the failure of long-standing institutions such as Bear Stearns, Lehman Brothers and AIG.

We're down to basic needs, and people are concerned that their basic needs won't be met, Sarenski said, noting that people have gone into survival mode.

Wittlin, who has been practicing psychiatry for 31 years, said that how a person reacts to financial stress, and how that stress manifests itself, is very individualized. While some people may be able to go about their daily activities, others may find their financial issues too much to bear and may exhibit such symptoms as headaches, backaches or indigestion.

It's just a question of how much can a person be deprived, said Wittlin, who recently counseled two clients who had to foreclose on properties.

Other people, meanwhile, may feel restless, under or overeat and sleep, become depressed or experience of variety of psychological or social problems.

Anxiety sort of grinds people up until they finally get overwhelmed by it, added Dr. Craig Humphrey, a doctor of psychology in Auburn who has had a private practice since the mid-1990s.

While it may seem to be a doom-and-gloom situation, there are several things that people can do to shore up their financial and emotional health.

In relation to the latter, Wittlin said that it's important to have interests that take your mind off of your troubles.

Make a list of things that you enjoy, and when you're feeling anxious, go look at the list and pick something, Wittlin said, noting that things like yoga, knitting, sports, listening to music, taking a bath and even surfing the Internet may help you relax.

If anxiety is getting in the way of a person's normal routine and if an individual is finding that the advice of friends and family members is not working seeking some other sort of professional help may be in order, Wittlin said.

That could be psychiatry, alternative medicine or speaking with a religious adviser.

It's whatever healing modality the patient is able to imagine might work for them, Wittlin said, noting that people may have to work through the financial crisis as though it were a grieving process but then might be able to move toward a more spiritual, less materialistic, existence in the end.

Humphrey said that while prescription medication can be helpful on a short-term basis, trying an alternate strategy like meditation could have long-lasting effects.

Meditation, he continued, allows people to be more aware of their thoughts and feelings. It helps people to live in the here and now and not worry about the what-ifs. (Am I going to be able to get my money out of the bank? What's going on with my 401K?),

The future is something that we concoct in our head. In general, it never quite comes out that way 100 percent, Humphrey said. (People) react to their thoughts about the future as if it were real.

While many Americans concerns about their financial situation are very valid, no one knows how this will all play out, and just perceiving such a threat can make someone chronically hyper-aroused, Humphrey noted. This then throws off a person's whole system, opening him/her up to health problems ranging from irritability to panic attacks.

If meditation is not your thing, Humphrey suggests finding some time to be out in nature or taking a few moments to sit quietly and to put away the perpetual to-do list.

We're not called human doings, you know, we're called human beings,� he said.

Additionally, given the constant bombardment of economic-related stories via television, the Internet and print sources, Humphrey suggests going on what he calls a news fast.

Meanwhile, when it comes to financial health, Sarenski advises not doing anything rash. When the market first started to fall, Sarenski and his colleagues did some specialized selling when they felt it appropriate but generally stayed with their clients' core investments.

Financial strategies will differ for everyone, depending on how much you have in the market, whether or not you've already sold all of your shares, how close you are to retirement, etc.

Sarenski, who has received some new clients in recent weeks because of people's uncertainty with what to do, said that many Americans will have to reprioritize not only what they spend their money on, but also when to retire, if they want to continue to be in the stock market and what their level of risk should be with their investments.

In an instant-gratification society in which everyone wants everything done yesterday, people need to be patient to see if the $700 billion bailout plan and other measures work, Sarenski said, noting that we've had a major earthquake in our basic institutions.

We have to believe that this will come back, Sarenski added. To sell off everything and go to treasury bills is to say that we don't believe in capitalism anymore.