Recession Bad For Finances But Good for Health?
The recession might be bad for your spirits, but it turns out it might actually benefit your health.
It appears that periods of recession have the potential to increase lifespan, according to a study recently released by the University of Michigan. Researchers found that people who lived through the Great Depression actually lived longer than previous generations. In case you think it's just a coincidence, researchers found similar results across decades - including recent recessions in the 1980s and 90s - and countries.
They're not sure exactly what leads to the longevity, but it could be that people unwittingly adopt healthier habits when economic growth is slow. During a boom, it's all about keeping up with the Joneses. There's a lot of pressure to put in time at work. You manage to pay for gas and your car loan, so you drive everywhere. Maybe you've got some money to blow on stuff you don't necessarily need, like alcohol and cigarettes. You get the picture.
When times get tough, life is still stressful - maybe even more than before - but it slows down.
Business is slower, so your boss eases up at work - or maybe you lose your job. Either way, you get more sleep at night and more free time on the weekends. To save money, you cook at home more - and also save calories. Rather than pay for gas, you carpool, take public transit or ride a bike. Maybe you cut back on drinking or quit smoking because it isn't worth the cost.
I'm not saying that it's a good thing to fall on hard times. I wouldn't wish that kind of stress on anyone. But if those hard times are already here - if we can't do anything about it - why not look at the situation as a blessing in disguise? Everybody's financial predicament is a bit different, yet researchers saw recessions lead to longer life spans across the board.
So next time you're stressing about making a budget or giving up all the little extras, embrace your less materialistic self - and realize you might be saving your own life. If you're worried about bigger things, like how you're going to avoid foreclosure or pay for your growing credit card balance, don't wait for the problem to solve itself - it won't. One of the fastest ways to relieve stress is to get that debt monkey off your back. Bankruptcy can be your best bet.
At DebtStoppers, we'll identify a bankruptcy plan that will reduce your debts affordably. Sign up for a free one-on-one debt analysis with one of our Atlanta bankruptcy attorneys to learn how bankruptcy can reduce debt while keeping more money in your pockets each month. Here's to living a longer - and more financially-secure - life.