HEALTH
Economic blues
How to tackle economy-related depression
Last Updated: Wednesday, November 5, 2008 | 9:04 AM ET
By Rebecca Ruiz Forbes
(Forbes.com) Like many of her colleagues, Dr. Rosalind S. Dorlen, a clinical psychologist in Summit, N.J., has no openings for new patients. Though she's always had a busy practice, the past few months have brought an intensity she's never before witnessed.
"Every person coming into my office is talking about this global roller coaster we're on," says Dorlen, who counsels many Wall Street employees. "There's widespread anxiety, which I haven't seen around economic factors in my 30 years of practice."
Indeed, the news has been grim. Since the beginning of the year, the economy has shed jobs consecutively for nine months, eliminating 760,000 positions. In September, one in 475 housing units in the United States received a foreclosure filing, according to RealtyTrac, a firm in Irvine, Calif. And pensions lost roughly $1 trillion US from the second quarter of 2007 to the second quarter of 2008, according to a recent analysis by the Congressional Budget Office.
What's next? Nobody knows, but the constant bad news is taking its toll. The American Psychological Association (APA) conducted two online surveys of more than 2,500 people this year and found that respondents' stress levels spiked in September. In April, 66 per cent said that the economy was a source of stress. In September, that number jumped to 80 per cent.
While stress is a normal response in turbulent times, some health professionals are concerned that the enormity of the financial crisis will hinder the coping abilities of those affected most. But there are ways to effectively manage stress, and it's not too late to start monitoring the warning signs and developing proactive strategies to relieve anxiety and depression.
Seeking help
Georgia Cristimilios, vice president of sales and marketing for Corporate Counseling Associates, a human resources consulting firm based in New York City, says the company has seen a 15 per cent increase during the past year in the number of employees looking to take advantage of counseling and assistance benefits provided by their employers.
Many of the company's 250 clients, which include investment banks, hedge funds, law firms, publishing houses, newspapers and manufacturers, have been hit hard by the economic crisis, and few employees have been unaffected. (Forbes Media is also a client of CCA.)
To fight depression, it's important to eliminate counterproductive habits like gambling, substance abuse or over- or under-eating and rely instead on therapeutic activities like exercise, meditation and hobbies.— Dr. Rosalind S. Dorlen, psychologist
"We ask ourselves, 'Is this an hourly wage earner, or is this a C-level executive," Cristimilios says. "And we're seeing it across the board."
People who may be prone to anxiety, depression or substance abuse are calling in distress. The firm also has contacted local law enforcement and hospitals about suicide threats once or twice a week as opposed to the average during normal times, which is once a month.
Substance abuse or suicidal thoughts are dramatic red flags, but there are many other warning signs of depression that should be taken seriously. In the APA survey, respondents reported both physical and mental symptoms of stress, including fatigue, muscular tension, erectile dysfunction, lack of interest or motivation, dizziness, headaches, upset stomach, increased irritability or anger, teeth grinding and nervousness.
The bigger picture
Taken alone, these symptoms might seem like isolated problems. But when they affect someone dealing with layoffs, foreclosure or other forms of financial stress, they can point to a more troubling struggle with anxiety or depression.
Dr. Dorlen, who is also a fellow with the APA, recommends several coping strategies. The first is to develop a "pause but not panic" approach to decision-making. Though it can be tempting to react immediately to bad news — especially for those who work in high-pressure environments — it can often exacerbate the problem.
At the same time, it's important to eliminate counterproductive habits like gambling, substance abuse or over- or under-eating and rely instead on therapeutic activities like exercise, meditation and hobbies.
More formal approaches include counseling and employee assistance programs. Both may be useful tools for those who want outside help sorting through their emotions and options. Employee assistance programs, which are administered by human resources departments and outside consultants, are designed to accommodate individual needs and can include everything from yoga classes to financial management workshops to counseling referrals.
Lastly, it's possible to view these challenges as opportunities for growth. Beth Bloomfield, an executive coach and president of the Annapolis, Md., consulting firm Bloomfield Associates, says that professionals should consider improving their skills, volunteering for work projects and reevaluating their career path.
"Don't just feel like you're getting flattened by a steamroller," she says. "Look at it as a chance to renew yourself."
