For many older adults who have lived through the Great Depression, news stories comparing present circumstances to the harsh realities of food lines, few jobs, and extreme poverty of the 1930’s may be panic-producing. Add the loss of value of retirement funds, and no wonder so many seniors are anxious and worried and at a loss as to what to do next.
Saint Louis University psychiatrist George Grossberg, M.D., has seen an increase in economy-related anxiety.
“The anxiety and worry are immense. It is affecting millions and millions of people, especially those who were looking forward to a comfortable retirement,” said Grossberg.
Grossberg, who directs Saint Louis University’s geriatric psychiatry program, notes that in many cases, older adults respond well in a crisis, drawing on a lifetime of experience.
For example, after September 11, seniors often had a less impulsive, more measured response than did younger people. In today’s economic crisis, however, older adults have the most to lose financially and a sense of what a true economic depression can look like.
Retirees who have planned to rely on investments are hit hardest by financial downturns, but they may also have less obvious reasons for their fears. For some, the worry extends beyond retirement funds to a general and sometimes intangible sense of unease.
“I’ve had patients who are themselves financially secure talk about their anxiety for society as a whole or their worry that there may be unprecedented problems, like civil unrest,” said Grossberg.
The constant drumbeat of bad economic news and promises of worse to come can be stressful for everyone. For those who are suffering because of economy-related stress, Grossberg offers the following pieces of advice: