According to the American Psychological Association (APA), each year Americans list money, work and the economy as among their highest sources of stress. The APA list also includes several other stressors that have financial implications, including health care, family concerns and housing costs. The Partnership for Mental Health in America lists four main causes of financial stress: significant life events (eg, major medical expenses), low financial literacy (eg, ability to manage/save/invest money), psychological causes (eg, impulsive spending) and income stagnation (eg, in inflation-adjusted wages).
As a professor of industrial-organizational psychology at Clemson University since 2008, my research focuses on personal and organizational factors that contribute to occupational health, employee resilience and retention. I am a founding member and past president of the Society for Occupational Health Psychology and a fellow of the American Psychological Association and the Society for Industrial-Organizational Psychology.