Responding to Financial Stress for Ag Producers and Couples

Responding to Financial Stress for Agricultural Producers and Couples Jacob D. Gossner, Elizabeth B. Fauth, and Tasha Howard Finances are a necessary component of running an agricultural production and with an uncertain economy, drought conditions, and rising costs, financial stress is increasingly common (Kroll, 2022). Research suggests that the economy greatly impacts individual well-being and relationship quality (Friedline et al., 2021). We will discuss ways to think about financial stress and ways to respond to stress for individuals and couples. We note that there are many helpful resources available to improve your financial situation, such as FarmStress.us, Utah State University Extension finance resources, local agricultural economic services, and more. Supplemental research-based resources teach the practical side of handling debt, managing business, and more, and we encourage you to engage with them. Rather than addressing the nuts and bolts of finances, this resource focuses on managing the emotional and relationship challenges that come with financial stress.

Thinking About Financial Stress You can think about the impact of finances by dividing it into three components: financial strain, not having enough money to make ends meet; financial stress, believing that demands exceed one’s ability to cope; and outcomes, such as relationship quality or individual well-being. In general, higher financial strain leads to higher stress, which leads to worse outcomes. However, if people can manage their stress effectively, they can experience better outcomes, even when they experience high levels of financial strain (Adams et al., 2016).

Financial Strain

Financial and Overall Stress

Individual and Relationship Outcomes

On an individual level, financial stress is associated with increased depression and poorer physical and mental health (Guan et al., 2022; Hassan et al., 2021). In some cases, it can also increase the risk of suicide (Hassan et al., 2021). Finances are a frequent argument for many couples, and disagreement over finances is a factor in many divorces (Dew et al., 2012). When either or both partners are experiencing financial stress, this can negatively impact the relationship (Kelley et al., 2018). Fortunately, healthy communication between partners 1

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Responding to Financial Stress for Ag Producers and Couples

Published on Sep 22, 2022

Utah State University Extension

Finances are a necessary component of running an agricultural production and with an uncertain economy, drought conditions, and rising costs, financial stress is increasingly common (Kroll, 2022). Research suggests that the economy greatly impacts individual well-being and relationship quality (Friedline et al., 2021). We will discuss ways to think about financial stress and ways to respond to stress for individuals and couples. We note that there are many helpful resources available to improve your financial situation, such as FarmStress.us, Utah State University Extension finance resources, local agricultural economic services, and more. Supplemental research-based resources teach the practical side of handling debt, managing business, and more, and we encourage you to engage with them. Rather than addressing the nuts and bolts of finances, this resource focuses on managing the emotional and relationship challenges that come with financial stress.