How Seniors Can Stave off Financial Anxiety While Waiting Out the Pandemic

published – Sept 27th 2021

It’s difficult to gauge the extent to which the COVID-19 pandemic has devastated lives and wrought havoc for the economy and society at large. Even for those who have not experienced sickness or loss, financial stress is a major concern. This is especially the case for our most vulnerable demographics, including seniors.

Older persons are not only more at risk from the virus itself — financial insecurity due to the pandemic is likely to affect them disproportionately.

Working seniors who have lost income due to lockdowns and shuttered businesses have fewer alternatives for crafting new plans and bouncing back. To add to this, seniors are being targeted by scams that prey on those with financial anxiety.

If you are a senior experiencing financial stress due to the pandemic, the hope of widespread immunity thanks to vaccines should give you comfort. In the meantime, here are some pointers for coping both with the material realities of financial stress and the toll it takes mentally.

Self-Care

Looking out for your own well-being is important, especially in tough times. When constant worry induces feelings of helplessness, sometimes the last thing on your mind is self-care. You may feel you lack the energy for it, or even that you don’t deserve it.

But try not to let those negative thoughts distract you from the truth — that you have value and deserve to feel safe and cared for. Yes, self-care can be harder when resources are scarce, but there are simple things you can do to relax and recharge.

Spend time with a good book and enjoy a hot beverage. Look for funny videos that will give you a laugh — whether silly animal antics are to your taste or classic comic sketches.

Your favorite music can be a wonderful way to unwind and destress, so put on those tunes. It’s a good idea to invest in a set of high-quality headphones; go for noise-canceling models to get the best listening experience.

Seek help for extreme mental distress

If you reach a point where self-care isn’t making a difference, or if your feelings of helplessness are turning into hopelessness, don’t hesitate to reach out to a loved one or mental health professional.

The National Institute of Mental Health suggests remembering that seeking help for mental distress is not weak, nor is it selfish: It’s taking responsibility for yourself and for those who care for you, as well.

How Seniors Can Stave off Financial Anxiety While Waiting Out the Pandemic — photo by 13107714 from pixabay

Good financial planning

Being prepared can help you get a grip on your situation. Financial planning will help empower you to deal with the stress of this time. You should assess your finances and create a budget, determining where you can cut corners and whether debt elimination is an option.

If this feels overwhelming, seek the services of a financial consultant who can assist you in getting your finances in order. Be cautious when selecting an advisor. Ask friends for recommendations and read online reviews before trusting anyone with your finances. You will also want to compare costs and see which consultant can deliver in the timeliest manner.

Look for programs that can provide financial aid

If things are looking extremely thin right now, find out if you qualify for any aid programs that can give you financial relief. Programs exist to assist vulnerable seniors with paying bills, getting nutritious food, and accessing medical care.

There are even resources to help with cash assistance for seniors in distress. Look at your local government websites to see what you might qualify for.

Protect yourself from financial predators

You will be better equipped to defend yourself against scams if you are feeling confident about yourself and focused on a plan for stability or recovery. Nevertheless, here are a few safety tips to keep in mind:

⦁ Never hand out your private information to strange parties online or on the phone.
⦁ Be wary about pleas for charity, or any suspicious communications claiming to be from a relative.
⦁ Don’t purchase products hawked by telemarketers or invest in schemes that haven’t been thoroughly vetted by a trusted expert.

While seniors may have decreased financial flexibility in the face of sudden changes or unexpected catastrophes such as the pandemic, there is hope in sight and many resources to help you get by in the meantime.

If you need additional financial assistance then I recommend that you check out securabilities. This platform helps you stay safe both on and offline as well as giving you tips so that you can get a handle on your finances.

As an older person, there are always ways you can make money on the internet if you have a little spare time. Why not try to Earn Up To £12 Per Hour By Taking Paid Surveys Online?

Please don’t forget to share this with your friends and like it on social media. You can subscribe to our newsletter and comment below too. Thanks for reading!

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