What are the physical causes of anxiety? One of the most common physical cause of anxiety is the onset of menopause.  Many women begin suffering from anxiety when they approach menopause.  If you are in your mid to late 40s and are starting to have panic attacks, they can very well be related to the fluctuations in your hormone levels.  Most women who go through menopause will experience some psychological factors such as mild depression or anxiety.  Some women will experience menopause symptoms to the extreme.  In such cases, doctors will usually treat this condition with hormone replacement therapy or other types of drugs, so that the woman can go about her daily life.