Psychological distress can impact more than just health—it can also be a major hit to your nest egg, according to a new study published in Health Economics.
Cornell University financial economists found that people with anxiety and depression are nearly 25% less likely to have any retirement savings. For those that do have a retirement account, they may act in ways that limit its growth, according to study co-author Vicki Bogan, a Cornell associate professor.
For example, people with self-reported mental health challenges are more cautious when it comes to risk, but also less likely to seek financial planning help, Bogan says. This can create difficulties later in life, especially when additional factors come into play. (Tame your anxiety with these 6 soothing yoga poses.)Next Page