By Tashi McQueen
AFRO Staff Writer
tmcqueen@afro.com
The thought of money and the issues it can cause permeates the minds of many Black Americans, causing mental and physical ailments.
According to Lexington Counseling and Psychiatry, financial stress can result in migraines, headaches, severe anxiety, insomnia, high blood pressure, muscle tension and severe depression. It can also result in mental conditions such as anxiety and depression.
“Money problems don’t just hurt wallets, they slowly bruise emotional health, strain relationships and steal joy,” said Melanie Preston, a licensed mental health therapist. “According to the American Psychological Association, nearly 72 percent of Black adults cite money as a major source of stress, but admitting that feels like admitting failure for most.”
Though many Americans experience the mental impacts of money issues, Black Americans often feel the effects more intensely.
“In Black America, we have 99 problems and money is definitely one,” said Preston. “In Black households, financial anxiety often moves in silence. It’s the unspoken fear behind the ‘I’m good’ texts—the sleepless nights hidden behind a huge Sunday morning smile.”
According to Brookings Research, in 2022, for every $100 held by White households, Black households had only $15.
“Financial stressors can trigger survival mode for many people and can exacerbate anxiety, fear, and depression among other mental health concerns,” said Dr. Aisha Dixon-Peters, a licensed holistic clinical-community psychologist. “In particular, in the United States, historical issues of racial injustice and discriminatory practices against African Americans in areas such as housing, financing, loans and education are part of the collective experience and can be triggered when facing personal financial stressors and uncertainties.”
Camille Tenerife, a licensed marriage and family therapist in Los Angeles, highlighted how the stress from working to survive and thrive via money can look different for every household.
“Financial anxiety doesn’t always look like frantic budgeting or side hustles,” said Preston. “It shows up in quiet ways, such as sleepless nights, irritability and emotional withdrawal from loved ones.”
Tenerife pointed out that mental stress can also play out as contention in the household, “It could be the lack of freedom and independence that people lose when they don’t have money,” added Tenerife.
Tenerife offered some solutions to overcoming financial mental stress.
“Get a better understanding of what about [handling] finances is stressful for you,” said Tenerife. “Is it the spending habits, lack of a plan, not following a budget, or needing to change a job to help support your lifestyle? Getting to the root of your concern can help provide clarity in your communication with your partner, family or friends.”
Tenerife also suggested consulting a therapist that can help with financial or family issues.
“Having a therapist’s outside perspective and expert opinion can help support these difficult conversations,” said Tenerife. “When stressed, it is hard to see the forest through the trees. Having a therapist in these conversations can help provide clarity and guidance.”