The stock market is aggressively fluctuating, tariffs are bringing about a wave of economic uncertainty, and thought leaders are predicting a global recession for 2025. For many, the current economy has left them feeling stressed and anxious about money.

“Money anxiety is not an official diagnosis, but it generally refers to the emotional distress and worry that arises in response to financial concerns — whether it's debt, job insecurity, rising costs, or future financial stability,” says School of Health and Behavioral Sciences Associate Director and Psychology Professor Joseph Trunzo, Ph.D., a practicing clinical psychologist.

He notes that money anxiety can manifest in both psychological and physical symptoms, such as persistent worry about finances, difficulty sleeping or concentrating, irritability or mood swings, headaches, stomach issues, or fatigue; it can also include avoidance behaviors (ignoring bills or bank statements) or compulsive behaviors (overspending or excessive saving).

Money anxiety is not just about a lack of resources but the perception of financial insecurity, which creates a threat response similar to other forms of anxiety.

“It’s important to remember that money anxiety is a normal response to an uncertain world, especially when systemic issues are at play,” says Trunzo. “You are not alone in this experience, and seeking help — whether emotional, financial, or both — is a sign of strength, not weakness. Healing begins not just by fixing the numbers, but by tending to the feelings behind them.”

Setting short-term goals

There is a strong and well-documented link between money anxiety and mental health, says Trunzo. Financial stress can exacerbate existing mental health conditions like anxiety and depression and may even contribute to their onset.

“Chronic money anxiety can erode self-esteem, fuel feelings of shame, and lead to isolation. It can also impact relationships, work performance, and physical health,” Trunzo says. “In many cases, the emotional toll of financial instability can be as significant as the financial reality itself.”

To cope with money anxiety during times of economic uncertainty, Trunzo suggests creating a realistic budget since this will provide you with a sense of control as you see where your money goes. He adds that focusing on small, consistent actions of what you can control — such as saving a small amount or reducing one expense — can reduce feelings of helplessness.

“Set short-term goals; achievable financial goals can build confidence and create momentum,” Trunzo says. “Also, limit exposure to financial stressors. For instance, check your accounts at a scheduled time rather than impulsively.”

Adjusting your perspective

Practicing mindfulness can help ground you in the present moment and reduce catastrophic thinking about future financial outcomes. Trunzo suggests trying techniques such as deep breathing, progressive muscle relaxation, and guided meditation — which can activate the parasympathetic nervous system and counter the body’s stress response. Over time, these practices improve emotional regulation and resilience and make it easier to face financial challenges with a clearer, calmer mind.

Reframing your perspective is another powerful method that can provide cognitive shifts. You can also focus on self-compassion and remind yourself that financial hardship doesn’t define your worth or abilities. 
“Try focusing on a growth mindset and viewing challenges as opportunities to build resilience, creativity, or new skills,” Trunzo says. “You can also look to practice gratitude. Even small things — like a supportive friend or a peaceful moment — can shift perspective and foster emotional stability.”

Locating social supports 

Staying informed about the economy without becoming overwhelmed by negative news can be tricky, which is why Trunzo suggests designating specific times to check the news and to avoid doom scrolling — especially before bed. Regular digital detoxes can be essential for mental clarity and choosing credible sources will help you avoid sensationalist media, which heightens anxiety.

“Focus on actionable information by looking for guidance and steps you can take, rather than just consuming headlines,” Trunzo says.

One protective factor against stress is social support, which provides emotional comfort, practical advice, and sometimes tangible help — such as shared resources. To build a social support network, Trunzo suggests joining community groups or online forums.

“Opening up about financial stress can reduce shame and invite support,” Trunzo says. “Lean into reciprocal relationships; helping others with their challenges can deepen your own support system.”

Lastly, if you want more professional help, financial advisors and therapists can help create both a financial and emotional plan. 

For additional resources, Trunzo recommends the following:

Books 
• Your Money or Your Life, by Vicki Robin 
• The Psychology of Money, by Morgan Housel

Apps 
• You Need a Budget (YNAB) – for budgeting  
• Headspace or Calm – for mindfulness

Non-profits 
• National Foundation for Credit Counseling (NFCC) 
• 211.org – connects people to local resources

Therapy directories 
• Psychology Today – search for therapists with financial stress experience 
• Open Path Collective – affordable therapy options