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As we are all only too sick of hearing, that the country is in the midst of economic turmoil the likes of which has never been seen before & that we are on the precipice of monetary doom. The belts have to be tightened even further, we all have to make sacrifices and only through severe pain will the country rise again. Doom, gloom, drama and apocalypse avoided by doing as we are told and living on a budget, ok, ok, we get it! But there’s more to this than tight belts and waiting it out. What of the psychological impact? I do not know anyone who has not been hit, and hit hard, by the financial crisis in Ireland. I’m sure there are a few who have escaped the brunt of the crisis, in fact we all know that there are a “lucky” few who have escaped relatively unscathed, but these fortunate ones are the exception and not the rule. The Irish are by and large going through a very rough time. For tens of thousands of ordinary Irish people financial stress has become a major daily issue. The strain of managing the day to day logistics of just keeping your head above water, budgeting, expensing, paring back etc. is spoken about frequently and is not to be made light of, but it is actually just one part of a much larger psychological crisis we are facing. The burden of responsibility for the property boom and bust has been placed in so many ways on the shoulders of the average Irish man and woman, the thinly concealed timbre of criticism emanating from DailEireann, the finger pointing, blame and guilt are all messages we have been absorbing subconsciously for the past 6 years. Or maybe longer, the legacy of CJH’s 1980’s address to the nation ringing silently in our ears… And as we are now beginning to see, debt in and of itself is not the only problem. “Debt” in its own right in now also recognised as having strong negative psychological repercussions. A decreased sense of power over one’s own finances, and decreased sense of ability to manage is leading, in a major way, to lower self-esteem, decreased productivity and increased overall levels of stress (Garman, Leech, & Grable, 1996; Joo& Grable, 2000; Lange & Byrd, 1998). Up until recently, it had been generally assumed that financial illiteracy and lack of basic knowledge were primarily responsible for financial mismanagement. However recent research has shown that there is also an important psychological and psychosocial ingredient to reasonable and responsible decision making, particularly in relation to effective decision making regarding our finances (Burchell, 2003; Hanoch, 2002). We have known for some time now that the absence of emotion can lead to poor decision making (Damasio, 1994) however newer research into decision making and the psychology behind it has shown that strong emotional responses are equally relevant in poor decision making (Ackert, Church, &Deaves, 2003). To simplify; feeling positive enables us to problem solve, organise, negotiate use critical judgement and make soundly based effective decisions. Add to the fact that research has shown that this financial paralysis and inability to make effective decisions in our personal finance does not spill over into our work lives and the emotional and psychological significance in the experience of becomes inescapable. The terms “financial phobia” or “money anxiety disorders,” as they are being more commonly referred to in the mainstream media, serve only to gloss over and belie the real pain. Financial anxiety has been legitimately defined as a “psychosocial syndrome whereby individuals have an uneasy and unhealthy attitude toward engaging with, and administering their personal finances in an effective way” (Burchell, 2003). However despite the obvious relevant ramifications for understanding the nature of distress in relation to finance and how much this understanding is needed right now, it remains wholly unreported and largely ignored in mainstream journalism. Ignoring this psychological crisis and overlooking the psychosocial impact this is having on us is truly grotesque, unbelievable, bizarre and unprecedented. For once I am inclined to agree, GUBU indeed Charlie, GUBU. If you are feeling the strain of the budget or are struggling to cope, please feel free to call me for an appointment on 087 7097477 or email in confidence at midwestcounselling@gmail.com Explore more about Psychotherapist Limerick
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