Download 03/28/2012: Money Worries Tax Out Georgians as IRS Deadline

FOR IMMEDIATE RELEASE
CONTACT: Amy Dietrich, Manager of Communications; (404) 634-6272, ext. 208;
[email protected]
Money worries tax out Georgians as IRS deadline looms
Georgia Psychological Association offers tips to manage financial stress and increase
willpower at tax time
Georgia; March 28, 2012―According to the Georgia Psychological Association (GPA), the looming IRS tax
deadline may be stressful for many Georgia residents particularly those who may also be struggling to meet
financial goals. Stress related to tax deadlines can increase reliance on the unhealthy behaviors, such as eating
poorly, smoking, drinking and being inactive, that many people already use to cope with everyday stressors
related to money, work, family and health matters. Research shows that increased reliance on unhealthy
behaviors to manage stress can lead to long-term, serious health problems or exacerbate existing conditions.
"Many of us bury our heads in the sand because we may feel overwhelmed by financial obligations. This
behavior can just make our financial situation—and ultimately our anxiety about finances—worse,” says
Georgia Psychologist Angela Londono-McConnell, Ph.D. “Approach tax-filing time as an opportunity to look
at your financial habits and see what changes you can make over the next year.”
The American Psychological Association’s recent survey Stress in America: Our Health at Risk found that
money is a top source of stress for adults. Seventy five percent of people attribute their stress to money and 70
percent report that work is a cause of stress, interrelated issues that are emphasized for many during the taxfiling process. Many Americans set financial goals in 2012 –more than half (52 percent) said that they planned
to save more money, and 37 percent reported a goal to pay off debt—yet more than one quarter said that
willpower (27 percent) or time (26 percent) were barriers preventing them from making changes.
GPA offers these strategies for managing financial stress and improving your financial willpower:


Identify money stressors. What events or situations trigger stressful feelings? Are they related to
meeting tax deadlines, paying bills, money decisions, financial responsibilities at work or home? Or
something else?
Recognize how you deal with financial stress. Some people deal with stress by using unhealthy
behaviors, such as smoking, drinking or overeating. Do you turn to unhealthy financial behaviors such
as overspending, misuse of credit cards, neglecting bills or constantly borrowing money in an effort to
deal with financial stressors?






Make one financial decision at a time. When people are faced with multiple, back-to-back decisions
that test willpower, research suggests that willpower can easily be depleted. Space out your financial
decisions to prevent feeling overwhelmed.
Track your spending. Research shows that tracking can be an effective tool. Keep a daily list of how
you spend your money.
Save automatically. Set up bank or investment accounts that draw funds automatically from your pay
check. This will prevent you from devoting limited willpower resources to deciding whether to spend or
save money. Look for accounts that require you to wait a certain amount of time or reach a certain target
before you can withdraw the funds. Research indicates that these accounts are effective in helping
people save greater amounts.
Avoid temptation. Staying away from shopping malls and stores can help you manage spending.
Choose an alternative social activity over shopping. Avoid opportunities for impulsive spending by
leaving credit and debit cards at home and only carry the amount of cash you can afford to spend.
Find healthy ways to manage stress. Consider healthy, stress-reducing activities — taking a short
walk, exercise, journaling or talking things out with friends or family. Try to develop these types of
healthy stress management behaviors so that when you're in a financial crisis, you'll have healthy
strategies available to help you reduce stress.
Ask for support. Research shows that having a support system can help you reach your goals. Surround
yourself with people you trust who will be supportive of your financial goals and willing to help you
succeed. Consider consulting with professionals such as financial planners or accountants to help
with taxes and money matters.
If you continue feel overwhelmed by stress related to finances or need help learning how to change money
habits, talk to a psychologist. Psychologists are trained to help people address the emotions behind unhealthy
habits including financial behaviors and can help you identify ways to manage stress.
For more information on managing stress and on building willpower please visit www.apa.org/helpcenter
Details of APA’s Stress in America survey can be found at www.stressinamerica.org.
Since 1946, the Georgia Psychological Association, a 501(c)(6) organization, has been heralded as a leader in advocacy, a pacesetter
for public education programming, a provider of quality continuing education opportunities and a proponent for the livelihood of
psychology. Our referral network not only assists members, but provides the public-at-large the opportunity to connect with
psychologists. The membership of the Association is comprised of clinical psychologists, academicians, industrial and organizational
psychologists, graduate and undergraduate students across the state of Georgia.
The American Psychological Association, in Washington, D.C., is the largest scientific and professional organization representing
psychology in the United States and is the world’s largest association of psychologists. APA’s membership includes more than 154,000
researchers, educators, clinicians, consultants, and students. Through its divisions in 54 subfields of psychology and affiliations with 60
state, territorial and Canadian provincial associations, APA works to advance psychology as a science, as a profession, and as a
means of promoting health, education, and human welfare.
###