Financial Intel Monthly

What is Financial PTSD?

Mar 1, 2021 1:00:00 PM / by The Retirement Group

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If you had assets invested in the stock market in 2008, odds are, you experienced post-traumatic stress following the market collapse and succeeding crisis.

When we think about post-traumatic stress disorder, we typically envision combat, tornadoes, and hurricanes. But PTSD is not limited to life-threatening events. Events threatening financial security (and even career-security) can be very traumatic.

"PTSD is not limited to life-threatening events. Events threatening financial security (and even career-security) can be very traumatic." person wearing yellow raincoat walking in the street

 


A study reported in the Oxford Health & Social Work Journal examined the risk of PTSD associated with sudden and dramatic personal financial loss.  The authors conducted a survey of 173 Madoff victims and found that 58% met the criteria for a PTSD diagnosis, 61% acknowledged high levels of anxiety, 58% were depressed and 34% had healthrelated issues. Moreover, 90% of these victims felt a substantial loss of confidence in any financial institutions.

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We know from Dr. Abraham Maslow that when people have their security threatened through any event, all of their confidence and self-esteem can be destroyed, and they then focus all of their attention on searching for recovery.

 

For more information about this topic, view our e-book here: https://retirekit.theretirementgroup.com/financial-ptsd-ebook-offer


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