AngularJS health - AngularJS Updated: 2023

The connection between financial health and personal health are more connected than you may think. We’ve all probably experienced some sort of stress in our lives at one point or another, but did you know -- according to Forbes -- that stress resulting from financial challenges is often chronic?

Worries about finances came in as the number-one stressor across all age groups, according to the 2018 Everyday Health United States of Stress survey. And, 2019 was no different. A 2019 Bankrate survey showed that more than half of Americans lose sleep over money troubles. According to the Bankrate survey, money worries are the biggest cause of sleep loss, and it’s getting worse. Seventy-eight percent of U.S. adults are losing sleep worrying about everyday expenses, saving for retirement and healthcare costs. Add in those unexpected expenses and wanting to save for a vacation or new house, and the amount of stress felt can reach a dangerous level.

High levels of financial stress manifest through physical symptoms like sleep loss, anxiety, headaches/migraines, compromised immune systems, digestive issues, high blood pressure, muscle tension, heart arrhythmia, depression and a feeling of being overwhelmed.

It's a vicious cycle where one causes an overflow of other issues that in turn result in even more problems. Individuals with high financial stress are twice as likely to report poor health overall and are four times more likely to complain of ailments, according to Forbes.

“The increased medical expenses that present themselves, as a result, then worsen money challenges,” explained Nancy Cook, employee assistance counselor at the CHL. “Which then, of course, increases their financial stress level. Those caught in this ever-revolving loop of monetary worries and physical and mental issues are in dire need of a support system to help them navigate through and hopefully break the cycle, or at least find a slight detour off of its path.”

Financial stress and unhealthy coping behaviors

 “Financial stress is a very unique and difficult type of stress,” added Cook. “Financial stress can and does lead to individuals adopting unhealthy coping mechanisms; examples would be overeating, smoking and using alcohol/ recreational drugs. As you can imagine, those behaviors then lead to even more money-related stress and negative effects on the body and mind. Since mental and physical health can directly benefit from healthy finances, why not try to incorporate some steps to help Strengthen our financial well-being?”

Cook’s initial steps to Strengthen financial health include:

• Take a close look at your current situation; determine if there is a pattern to how much and when you spend.
• Ask for help. For starters, the Purdue community has valuable resources in place to assist.
• Create a realistic budget and stick to it.

University resources

• Providers at the CHL can assist benefits-eligible employees and their covered dependents with all of these worries – physical, mental and financial. From physicians and nurse practitioners (NPs) to employee assistance counselors, health coaches and pharmacists, the CHL has you covered. Schedule an appointment with one or more of the CHL team members to help you come up with a plan to address your financial stress and the ways it’s affecting your health.
  • Physicians and NPs can review and help you address any physical and / or mental/behavioral issues you are experiencing
  • Employee assistance counselors provide you a resource to share and discuss any issues you are having
  • RN health coaches are on hand as partners for you to help effectively motive and encourage changes to help you meet your goals
  • Pharmacists can offer guidance and review of any medications you are taking or might begin taking

To schedule an appointment, call the CHL at 765-494-0111 or schedule via the portal. The CHL is open for medical appointments 7 a.m. to 6:30 p.m. Monday through Thursday and 7 a.m. to 5 p.m. Friday. Telephonic wellness offerings from the health coaches and pharmacists are available. Regional employees should contact their campus human resource office for campus-specific resources.

• Healthy Boiler Program
  Today’s Healthy Boiler Program is a multi-faceted approach to overall well-being composed of five pillars -- behavioral health, financial wellness, physical health, social wellness and work-life integration. The Healthy Boiler Program provides care in each area by offering cost-controlled benefits and easily accessible resources that help Purdue employees (and their families) across all campuses.
  • Additionally, Healthy Boiler rewards you extra HSA/HRA dollars each year through the Healthy Boiler wellness incentive. The 2020 Healthy Boiler Program runs from Oct. 1, 2019, through Sept. 30, 2020. Physicals and biometric screenings must be completed and submitted in the portal within this timeframe to receive incentives.

• Additional financial wellness benefits
  As with health and wellness benefits, many employers -- including Purdue -- also offer a wide array of financial wellness benefits. Purdue’s offerings include:
  • Paid family leave
  • Life insurance
  • Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Accounts
  • Disability income insurance
  • Long-term care insurance
  • Accident insurance
  • Retirement planning assistance
  • Rx Savings Solutions – new in 2020
  • HealthSync – new in 2020
  • Tuition assistance

Also, take a look at the “Smart Healthcare” web page and see the “Financial Wellness Month” article in this newsletter for additional resources. Information on all of these benefits can be found on the Benefits website.

Questions

Contact the Human Resources office at your campus for any benefits-related questions you may have.

How to Strengthen your financial health

If you’re financially vulnerable (0-39 points)

If you’re financially coping (40-79 points)

If you’re financially healthy (80-100 points)

10. Take a rest

Much like working out physically, even your financial health needs a break. You certainly don’t want to neglect it, but don’t beat yourself up too badly if you are a slow starter or need a little extra help. That is what we are here for, to take some of the onus off of you and also to keep you encouraged so we can accomplish these goals together. Also, all work and no play makes Jack a dull boy.

In other words, you don’t need a six-pack and chiseled biceps here. Sometimes good enough is OK. Thus, although this is serious stuff, you’ll have that proverbial doughnut, you’ll skip a workout, and sometimes you simply need a break. I’m here to tell you that is fine and dandy. As long as you have a steady pulse on the above, you can certainly afford to take a break.

It is amazing the difference I see in people once they have a pulse on their financial health. They’re as different as night and day.

One note of warning before I let you go: If you are taking on newfound ownership of your finances, please don’t get discouraged or anxious. Markets, cash and finances are not a straight line. They will ebb and flow on a month-by-month basis. Don’t let this discourage you, and don’t overreact to it. Keep up with your workouts!

Diversified, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. A copy of Diversified’s current written disclosure brochure which discusses, among other things, the firm’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. Investments in securities involve risk, including the possible loss of principal. The information on this website is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Tampa (BLOOM) – Have you ever felt stressed about money? Have you struggled to make ends meet or thinking about unexpected expenses?

If so, you’re not alone. Financial stress is a common problem that can affect your overall well-being. The good news is that there are simple steps you can take to Strengthen your financial health. In this article, we’ll outline five simple steps that can help you take control of your finances and reduce financial stress.

Step 1: Create a Budget

Creating a budget is the foundation of good financial health. It helps you understand where your money is going and where you can cut back. A budget is simply a plan for how you will spend your money each month. Here are some tips for creating a budget:

• Track your spending: Start by tracking your spending for a month. This will help you see where your money is going and identify areas where you can cut back.
• Categorize your expenses: Divide your expenses into categories such as housing, transportation, food, and entertainment.
• Set priorities: Determine which expenses are essential and which are discretionary. Make sure to prioritize essential expenses such as rent, utilities, and groceries.
• Use a budgeting tool: There are many free budgeting tools available online that can help you create and track your budget.

To create a budget, you’ll need to start by tracking your expenses. This can be done manually with a pen and paper or using a budgeting app like Mint or YNAB. Once you know where your money is going, you can create a plan for how to allocate your income. Your budget should include all of your regular expenses, such as rent/mortgage, utilities, groceries, and transportation, as well as any savings goals, like retirement or a down payment on a house.

Remember, the key to a successful budget is to stick to it. Make sure to review your budget regularly and adjust it as needed.

Step 2: Build an Emergency Fund

An emergency fund is money set aside for unexpected expenses such as a car repair, medical bill, or job loss. Having an emergency fund can help you avoid debt and reduce financial stress. Here are some tips for building an emergency fund:

• Start small: Aim to save at least $1,000 initially. Once you have this amount saved, work on building it up to three to six months’ worth of living expenses.
• Automate your savings: Set up automatic transfers from your checking account to your savings account each month.
• Avoid temptation: Keep your emergency fund in a separate savings account that is not easily accessible.

An emergency fund is a savings account that is specifically set aside for unexpected expenses, like car repairs or medical bills. Aim to save enough to cover at least three to six months’ worth of expenses. Start by setting a small goal, like saving $500, and work your way up from there. Consider setting up an automatic transfer from your checking account to your emergency fund each month to make saving easier.

Remember, the goal of an emergency fund is to provide a cushion for unexpected expenses. Try not to use it for non-emergency expenses.

Step 3: Pay off Debt

Debt can be a major source of financial stress. Paying off debt can help you reduce stress and Strengthen your financial health. Here are some tips for paying off debt:

• Make a plan: Start by creating a plan for paying off your debt. Determine which debts to pay off first based on interest rates or balances.
• Consolidate debt: Consider consolidating high-interest debt into a single loan with a lower interest rate.
• Increase your payments: Aim to pay more than the minimum payment each month to reduce the amount of interest you pay over time.
• Avoid new debt: Try to avoid taking on new debt while you’re paying off existing debt.

If you have debt, focus on paying it off as quickly as possible. Start by making a list of all of your debts, including the balance and interest rate. Consider using the debt snowball or debt avalanche method to prioritize which debts to pay off first. The debt snowball method involves paying off the smallest debt first, while the debt avalanche method involves paying off the debt with the highest interest rate first. Whichever method you choose, aim to make more than the minimum payment each month to make faster progress.

Remember, paying off debt takes time and discipline. Stay focused on your goal and celebrate your progress along the way.

Step 4: Invest for the Future

Investing is an important part of building long-term financial health. It can help you build wealth and achieve your financial goals. Here are some tips for investing:

• Start early: The earlier you start investing, the more time your money has to grow.
• Diversify your portfolio: Invest in a mix of stocks, bonds, and other assets to reduce risk.
• Keep costs low: Look for investments with low fees and expenses to maximize your returns.
• Stay focused on your goals: Avoid making emotional decisions based on short-term market fluctuations.

Saving for the future is important for achieving long-term financial health. Consider setting up a retirement account, like a 401(k) or IRA, and contributing as much as you can afford. If you have kids, consider setting up a 529 plan to save for their education expenses. Finally, consider investing any additional savings in a diversified portfolio to help your money grow over time.

Remember, investing involves risk. Make sure to do your research and seek professional advice before investing.

Step 5: Monitor Your Credit Score and Report

Your credit score is a crucial part of your financial health. It affects your ability to borrow money and the interest rates you’ll pay on loans and credit cards. Here are some tips for monitoring and improving your credit score:

• Check your credit report: Review your credit report regularly to ensure that it is accurate and up-to-date.
• Pay your bills on time: Payment history is the most important factor in your credit score. Make sure to pay your bills on time to avoid late payments and negative marks on your credit report.
• Keep your credit utilization low: Credit utilization is the percentage of your available credit that you’re using. Aim to keep your credit utilization below 30%.
• Avoid opening too many new accounts: Opening too many new credit accounts can hurt your credit score. Only open new accounts when you need them.

Remember, improving your credit score takes time and patience. Stay focused on good credit habits and you’ll see improvement over time.

Your credit score is a measure of your creditworthiness and can affect your ability to borrow money and the interest rates you’ll pay on loans and credit cards. To Strengthen your credit score, start by checking your credit report for errors and disputing any inaccuracies. Pay your bills on time, keep your credit utilization low (aim for below 30%), and avoid opening too many new accounts.

Staying Motivated

Here are some tips for staying motivated as you work towards improving your financial health:

• Set achievable goals: Setting specific, achievable goals can help you stay motivated as you work towards improving your financial health. For example, if your goal is to pay off debt, set a realistic timeline and break it down into smaller, more manageable goals.
• Find an accountability partner: Having someone to hold you accountable can help you stay motivated and on track. Consider finding a friend or family member who is also working towards financial goals, or joining an online community for support and encouragement.
• Celebrate small wins: Celebrating small wins along the way can help keep you motivated and build momentum towards larger goals. For example, if you pay off a credit card balance, treat yourself to a small reward, like a favorite meal or a movie night at home.
• Automate your savings: Automating your savings can help you stay on track with your goals without having to think about it. Set up automatic transfers from your checking account to your savings or investment accounts each month to make saving easier.
• Review your progress regularly: Regularly reviewing your progress can help you stay motivated and identify areas where you may need to adjust your strategy. Consider setting a monthly or quarterly review to track your expenses, savings, and progress towards your goals.

Remember that building good financial habits takes time and effort, and setbacks are normal. If you have a setback, don’t provide up – instead, use it as an opportunity to learn and adjust your strategy as needed. With patience and persistence, you can achieve your financial goals and Strengthen your overall financial health.

Dealing with Financial Stress

Financial stress can have a significant psychological impact on individuals and their overall well-being.

Here are some of the ways that financial stress can affect us:

• Anxiety and Depression: Financial stress can lead to anxiety and depression. People who are constantly thinking about money may experience increased levels of anxiety, depression, and other mental health problems. These feelings can be exacerbated by the fear of not being able to meet financial obligations or provide for themselves or their families.
• Lower Self-Esteem: Financial stress can also lead to lower self-esteem. People may feel ashamed or embarrassed about their financial situation, which can negatively impact their self-worth and confidence. This can create a cycle of negative self-talk and feelings of hopelessness.
• Relationship Strain: Financial stress can also put a strain on relationships. Couples may argue over money, leading to increased tension and conflict. Family members may also feel the effects of financial stress, as parents struggle to provide for their children and siblings may have to take on more financial responsibilities.
• Physical Health Problems: Financial stress can also lead to physical health problems. People who are under financial stress may experience headaches, insomnia, and other physical symptoms related to stress.
• Poor Work Performance: Financial stress can also impact job performance. Employees who are thinking about their finances may be less productive and have difficulty focusing on their work. This can lead to decreased job satisfaction and potential job loss.

It’s important to recognize the impact that financial stress can have on our mental and physical health. Seeking help from a therapist or financial counselor can be a good way to manage financial stress and Strengthen overall well-being. Additionally, taking steps to Strengthen your financial health, like creating a budget and building an emergency fund, can help alleviate financial stress and Strengthen your overall quality of life.

Improving your financial health is a process that takes time and effort, but the benefits are worth it. By following these five simple steps, you can take control of your finances, reduce stress, and Strengthen your overall well-being. Remember to start small and stay focused on your goals. With persistence and determination, you can achieve financial freedom and peace of mind.

© File photo/Minneapolis Star Tribune/TNS UnitedHealth Group headquarters in Minnetonka, Minnesota.

A UnitedHealth Group division has offered about $3.26 billion to acquire Louisiana-based Amedisys Inc., a provider of home care and hospice services that agreed last month to be sold to a different acquirer.

Are you stressed about your finances? We know that stress can affect nearly every facet of your life. Stress, in general, can cause heart attacks, strokes, and many other serious health issues regardless of the source. “Financial Stress” is defined as: “A condition that is the result of financial and/or economic events that create anxiety, worry, or a sense of scarcity, and is accompanied by a physiological stress response.” “Chronic Financial Stress,” then, is ongoing (yet frequently intermittent) financial stress.

While we can agree that stress affects you in some way, do you know exactly HOW financial stress can affect you physically? If you constantly find yourself consumed with how much money you have (or don't); how you're going to keep a roof over your head; get to work; and possibly feed your family; then you could certainly develop one of several stress-related health conditions. If these conditions go unnoticed or untreated it could even result in very serious, sometimes life-threatening illnesses.

Two of the most common effects of financial stress are anxiety and depression. These two conditions usually go hand-in-hand. Each one is a debilitating condition that makes it hard to focus at work, spend time with your family, and keep up with your bills and other financial responsibilities. The stress of having too much credit card debt, college loan payments, or medical bills can weigh on a person and cause severe anxiety and depression. If you are behind financially and are feeling discouraged and hopeless or have feelings of constant worry and poor concentration, you may be seeing signs of one of these disorders.

Anxiety can manifest in many ways, but most people that suffer with it report panic attacks where their chest feels like it's tightening, it becomes difficult to breathe, and it's often coupled with the inescapable sense of impending doom- the idea that something terrible is happening, it's growing, and it won't go away. Anxiety is mental as well as physical. Even if you aren't in the throes of a panic attack, you may still be experiencing racing and unwanted thoughts, profuse sweating, trembling, nausea, and a rapid heartbeat.

Anxiety about money can occur at any level of wealth or income. Financial advice is often aimed at people who don't have enough money, don't know how to manage it, or who aren't managing it well. . A hallmark of perfectionism-related anxiety is if you continually shift the goal posts on what would provide you peace of mind

4 unhealthy attitudes toward money

• Money avoidance: Believing that money is bad or that you do not deserve money.
• Money worship: Believing that an increase in income or financial windfall will solve your problems.
• Money status: Tying your self-worth to your net worth.
• Money vigilance: Being secretive about finances and overly wary of spending.

Depression goes beyond just general feelings of sadness and self-doubt. There is a wide array of physical and mental symptoms associated with depression that may include trouble sleeping, a change in appetite (overeating or under eating), risk-taking behavior, a lack of interest in favorite activities, and particularly dark thoughts. Depression could follow a divorce or death of a loved one, and now the financial burden remains on you to support your household with only one income. Depression should not be taken lightly; it can be a very unintended response to stress caused by personal and financial problems.

According to webmd.com, the idea that stress is 'in your head' is a common misconception. Stress is an inherent physiologic response to a threat. When you are extremely stressed, your body enters the "fight or flight" mode. Adrenaline (a hormone that increases heart rate, pulse, and blood pressure) races through your veins during a stress reaction and you either want to utilize this adrenaline to 'fight' through the current situation or take 'flight' by running away, or avoiding the situation as much as possible. Regardless of the source of stress, physical responses occur inside your body when you are stressed. These physical responses can drastically affect your body and lead to severe health issues. Pay attention to what your body is telling you. Some conditions that can be caused or worsened by financial stress:

• Heart Disease/Attack
• Gastrointestinal Problems
• Weight Gain/Loss
• Eating Disorders
• Diabetes
• Insomnia
• Psoriasis
• Cancer
• High Blood Pressure
• Substance Abuse

Being concerned about your finances is the best way to have a good handle on them and to keep them under control. Better yet, be proactive. Consult the source of the stress and spend some of your time working towards changing that. Write a budget and get your finances down on paper. See what you make, what your monthly responsibilities are, and what your debts are. Even getting it all on the page will help you confront it. Take small steps. Make the budget and take a break before you come back to tally up the totals. Once you do get some numbers down, do not panic! Remember, your health is your most valuable asset.

The financial health of Americans is not being reported clearly by the federal government, a range of experts told a webinar from a Washington think tank today.

A new, holistic number combining the interrelationships and interactions between families’ spending, saving, borrowing, and planning was offered as a solution at the Brookings Institution session.

No single economic indicator that gives us the reality families are facing, JPMorgan Chase Office of Corporate Responsibility Director of Financial Health Sarah Willis Ertur told the virtual meeting.

The numbers the government is currently putting out are fragmented, misleading and provide too rosy of a picture of financial well-being in the country, asserted Gene Ludwig, author of The Vanishing American Dream.

“(The numbers) do a poor job of assessing Americans’ financial health. Middle Americans are in dire straits,” said Ludwig former Comptroller of the Currency.

As an example of how poor the data is at representing the financial trouble many people are in, he noted job statistics report someone as employed who has worked as little as 10 minutes in a week.

“At the end of the day people have to have real jobs to produce wealth,” said the chair of the Promontory Financial Group who founded the Ludwig Institute of Shared Economic Prosperity.

Michael Piwowar, Executive Director of the Center for Financial Markets at the Milken Institute Center for Financial Markets said a lot of surveys don’t do what they need to do to provide clear measure of financial health.

But the former Republican Securities and Exchange Commission Commissioner added he is skeptical financial health can be boiled down to one single authoritative measure.

That possibility was raised in a presentation of a new report by the Financial Health Network, a research firm.

“The time has come to establish financial health as the clear North Star for economic and social policy and for the federal government to build an effective system to measure and report on the state of financial health for the country as a whole and for those communities that historically have been discriminated against,” the report asserts.

The study said a holistic number could help measure the share of families who are financially unhealthy or struggling.

“To measure financial health and make progress in improving it thus requires a more complex set of metrics that captures within individual families not just how much money a family receives over the course of a year but, at a minimum, how it spends, saves, borrows, and plans for the future,” the authors recommend.

Last July, the group estimated one third of individuals were financially healthy.

May is Mental Health Awareness Month. As awareness is being brought to the syllabu of mental health, more is uncovered on the link between our finances and psychological distress. According to a study in the Journal of Family and Economic Issues, growing evidence reveals that financial strains and worries play significant roles in mental health. The disconnect in knowledge or skill between mental health practitioners and financial professionals in being able to address both psychological distress and approaches to education or goal setting around money creates an opportunity for both disciplines to come together in the field of financial therapy.

Financial therapy is described as “a process informed by both therapeutic and financial competencies that helps people think, feel, communicate, and behave differently with money to Strengthen overall well-being through evidence-based practices and interventions,” by the Financial Therapy Association. Financial therapists come from a variety of starting points that include academia, mental health, finance, and more to converge on the advancement of the financial therapy industry. Here are 5 reasons you should hire a financial therapist this month or any other.

To Strengthen Your Relationship With Money

A financial therapist can help you examine habits and beliefs you have that impact your behaviors around money. The idea that “more money, more problems” is true in that additional income doesn’t address ingrained limiting beliefs that may lead to things like:

• Overspending;
• Financial Hoarding;
• Lifestyle Inflation;
• Etc.

A financial therapist can help you to identify underlying causes of financial trauma and make suggestions on ways to replace negative associations and behaviors with positive ones.

To Decrease Financial Stress And Anxiety

Financial therapists can provide exercises that help you to focus your attention on the present moment rather than on previously made mistakes or an unknown future. By practicing mindfulness you can better assess your safety and account for basic needs being covered like shelter, food, and clothing. Once you establish that you are safe, you can begin to set goals that reinforce that safety related to your finances.

To Increase Your Financial Knowledge

Financial therapists can provide you with general information and approaches to many of your financial goals or obstacles and can tap into their network of financial professionals for a referral if necessary. Some financial therapists also hold credentials in financial planning or some other financial discipline. Your interaction with a financial therapist however is not incentivized by a financial product being sold creating a more suitable learning environment for those who might have had a bad experience with a financial sales professional in the past. By increasing your financial knowledge through financial therapy, you may come to terms with feelings of fear, guilt, or shame related to behaviors you’ve observed or acquired through your lived experience and swap them out with behaviors that better suit your current financial circumstances and goals.

To Help Establish Financial Boundaries

Sometimes your personal values don’t align with your financial goals. Cultural influences, religious obligations, and expectations of family can derail even the most efficient financial plan. A financial therapist can help you to make sense of where your values and your financial goals differ so that you can account for both without sacrificing one for the other. While establishing financial boundaries can sometimes look like telling others no, it can also look like telling yourself no by periodically prioritizing your expenses with meaningful allowances without overindulging. Going against the grain of cultural norms and family values by prioritizing yourself financially can be isolating. Having someone to help you to process your feelings of anger, pride, or frustration can help you to stay accountable to your goals should you need extra support.

They Can Relate To You

Although financial therapy is an emerging field there are people from all backgrounds and experiences with the knowledge and the skills to help you. Representation matters, and fortunately, there is a directory of financial therapists that you can sort through based on a variety of preferences including race, area of specialization, geographic location, and more so that you can find a financial therapist you feel most comfortable with.

Corrected, May 15: A previous version of this article incorrectly stated that the study appeared in the National Library of Medicine.

The stress and financial impact of cancer not only affects the patient, but their loved ones as well, which can lead to decreases in health-related quality of life for partners of cancer survivors, according to latest research that was published in JAMA.

The researchers surveyed patients with colorectal cancer and their partners to get a better grasp of how the disease can affect health outcomes such as sleep and pain. Two of the researchers, Lauren V. Ghazal, a research fellow at the University of Michigan School of Nursing, and Dr. Christine Veenstra, an associate professor of medical oncology and internal medicine at University of Michigan Health, recently spoke with CURE® about their findings.

“We studied the health-related quality of life in partners because we know that their lives are also drastically impacted by their partner's cancer diagnosis, and this phenomenon has been long under-studied,” Ghazal and Veenstra said in an interview with CURE®.

Of note, according to the Centers for Disease Control and Prevention, colorectal cancer has the second highest treatment cost of any cancer, with the first year of treatment typically being the most expensive for patients and their families.

Can you provide a brief summary/take-home points from your study?

We surveyed both patients who had been treated between one and five years earlier for stage 3 colorectal cancer and their spouses, domestic partners or significant others who lived in the same household. (A total of) 307 patient-partner pairs responded.

Almost two-thirds of partners reported financial burden due to the cancer, including cutting down on expenses, activities, food or clothes, or using savings. About a third of partners had high financial worry, which increased the more they lost income or missed work. And 29% of partners reported debt related to the cancer diagnosis and treatment.

Younger partners were significantly more likely to report financial burden and debt, which is striking because colorectal cancer has increased in younger adults in latest years. Financial toxicity among partners was associated with worse quality of life in multiple areas, including pain, fatigue, sleep and social functioning.

How is it that financial concerns can end up affecting physical health?

For partners of colorectal cancer survivors, financial concerns can end up affecting specific domains of quality of life, like pain, sleep, anxiety and depressive symptoms, in multiple ways. In their own words, partners in our study described medical expenses and bills that led to debt, sometimes causing them to exhaust savings or retirement funds, sell personal items, and ask family and friends for money.

Some partners noted changes in personal spending habits — spending more money to cope with the emotional stress of cancer. Worrying about finances or feeling like they’ve lost the support of friends and family because of financial problems can affect partners’ quality of life. For example, the emotional toll of worrying about financial toxicity and the inability to afford their own medical care could both affect partners’ physical pain. Having debt and dealing with “never-ending” calls from bill collectors could affect partners’ sleep and lead to disturbances in sleep or loss of sleep.

What is your advice for cancer caregivers who are experiencing negative impacts on health-related quality of life due to financial stress from their loved one’s cancer diagnosis?

Telling your partner’s cancer providers about financial problems related to the cancer or its treatment is important. They may not know about the problems or may not ask about them unless you bring them up. Getting connected to financial navigation services, or a social worker, early and often is a good first step to intervening on financial toxicity. Talking to your own doctor or health care provider about the negative impacts on your health-related quality of life can also be helpful.

What further research/work is needed in this field?

Researchers and oncology care providers need to better engage partners and caregivers in the support of cancer survivors. More research is needed to identify solutions to financial toxicity at the level of employers and at the level of health policy. Additional research is also needed on the experiences of younger partners/caregivers, who we saw were more impacted by financial toxicity.

For more news on cancer updates, research and education, don’t forget to subscribe to CURE®’s newsletters here.