As tax deadline approaches Americans say money is number one cause of stress

03/30/04

As Americans rush to file taxes by April 15, many name money as the number one factor that affects their stress level. A survey commissioned by the American Psychological Association (APA) found that seventy-three percent of Americans single out money, with thirty-three percent saying it is a very significant factor contributing to stress. Work, physical health and children follow next.

"Stress related to money worries can have a real impact on people's psychological health," says Russ Newman, Ph.D., J.D., Executive Director for Professional Practice at the American Psychological Association. "And with tax filing deadlines upon us, many people may be experiencing additional stress. But, people can learn to manage financial stressors and other life challenges by taking steps to build and enhance their resilience."

Resilience is the process of adapting well in the face of adversity, trauma, or even significant sources of stress such as family, health, workplace or financial stressors. Resilience involves behaviors, thoughts, and actions that anyone can learn and develop.

The survey of 1,000 Americans was conducted by Penn Schoen & Berland from January 26-27. All respondents were between the ages of 18 and 64 years old. The margin of error for the study is 3.1 at the 95th percent level.

Consumers can access information on developing resilience at www.APAHelpCenter.org/resilience or by calling toll-free 1-800-924-2000 for a free brochure, The Road to Resilience.

Source: Eurekalert & others

Last reviewed: By John M. Grohol, Psy.D. on 21 Feb 2009
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