Which Sex Is Suffering More In This Financial Crisis?
This horrible financial crisis is affecting all of us in some way or another. It seems every day there is a new after shock that has us quaking in our boots. This week it's Bernard Madoff's $50 billion dollar ponzi scheme. After months and months of being bombarded by bad news it's natural for it to have an effect on your psyche. But, which sex is experiencing the worst case of psychological damage?
If you guessed the men, then you are right. Of course, we all have the right to feel anxious - it's normal. But something more than anxiety if emerging with the male population. It's an overwhelming erosion of self confidence. This is not the same as clinicial depression. It's believing success and accomplishment is intimately tied to your financial status. More and more men aren't able to feel confident or good about themselves without the almighty dollar dictating their value.
Richard A. Friedman, a professor of psychiatry at Weill Cornell Medical College, reports his male patients are telling him they used to see themselves as masters of the universe. Now the present circumstances have cut them down to size. Dr. Friedman has plenty of female patients who work in finance at high levels, but none of them has had this kind of psychological reaction. He is now asking himself - do men rely disproportionately more on their work for their self-esteem than women do? Or are they just more vulnerable to the inevitable narcissistic injury that comes with performing poorly or losing one’s job?
Personally, I think this erosion in self confidence has more to do with how much of your identity is attached to what you do, not your sex. If money and business are the dominant forces in a women's life, she is more likely to fall apart when it is taken away. I have experienced the loss of a business identity and it took years to recover. I have talked to hundreds of other women and I can assure you I don't stand alone in that feeling. All of us agree it takes hard work to regain faith in yourself and move ahead after a crisis of confidence.
Dr. Friedman's story appeared in Tuesday's New York Times to read it click here.













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