Financial Health and Mental Wealth.
Wait, wrong way around. The point is that our finances can make us feel pretty bad, and feeling pretty bad can make our finances bad. What do we do?
We often think about our physical and mental health separately, but the reality is they are deeply intertwined. Increasingly, research shows a strong connection between our financial wellbeing and our mental health. It's a two-way street: financial difficulties can contribute to mental health problems, and mental health challenges can make managing finances more difficult.
These challenges alongside having a family? They can weigh even heavier.
How does financial stress impact mental health?
Financial worries can weigh heavily on our minds, leading to a range of mental health challenges:
Stress and Anxiety: Constantly worrying about bills, debt, or job security can trigger chronic stress and anxiety. This can manifest in physical symptoms like sleep disturbances, muscle tension, and digestive issues.
Depression: Financial difficulties can contribute to feelings of hopelessness, low self-esteem, and depression. The inability to meet basic needs or provide for loved ones can be incredibly demoralising.
Relationship Problems: Money worries are a common source of conflict in relationships, leading to tension, arguments, and even breakdown.
Substance Abuse: Some individuals may turn to substance misuse as a way to cope with the stress and emotional pain of financial difficulties.
Does it work the other way too? Can mental health affect financial wellbeing?
It goes without saying, but absolutely. Mental health challenges can also impact our ability to manage finances effectively:
Impaired Concentration and Decision-Making: Conditions like depression and anxiety can make it difficult to concentrate, make decisions, and stay organised, which can affect our ability to budget, pay bills on time, and manage debt.
Reduced Motivation and Energy: Mental health challenges can lead to low motivation and fatigue, making it harder to maintain employment or seek financial assistance.
Impulsive Spending: Some mental health conditions, such as bipolar disorder, can lead to impulsive spending and difficulty controlling finances.
So what do I do?
Recognising the link between financial wellness and mental health is the first step towards breaking the cycle. Here are some strategies to consider:
Seek Professional Help: If you are struggling with either financial difficulties or mental health challenges, don't hesitate to seek professional help. A therapist can provide support and guidance in managing both. A Social Prescriber can connect you with local services that can support you too. Ask your GP to refer you to one.
Develop a Budget: Creating a budget can help you gain control of your finances and reduce anxiety about money. There are many resources available online and through financial institutions to help you get started.
Build Financial Literacy: Improving your understanding of financial concepts can empower you to make informed decisions and manage your money more effectively. There are organisations that can support with this. It’s possible you’re reading this and realise it was never modelled for you. You can still learn.
Practise Self-Care: Prioritise activities that support your mental wellbeing, such as exercise, spending time in nature, and connecting with loved ones.
Access Support Services: Many organisations offer support and advice for people experiencing financial difficulties. Don't be afraid to reach out for help.
And in summary?
Our health, mental and physical, is socially determined as much as it is personally determined. Protecting our financial health is essential to protecting our mental health. We all have things we could do in this regard..
Can you help me?
I often advise clients on where they can go to get financial advice, including debt advice, refer clients to food banks when times are getting tight, and give advice on benefits eligibility and have successfully supported a number of clients in applications for Disability Living Allowance, and even Personal Independence Payment—at the enhanced rate. I’m definitely not a financial guru, but I might well be a benefits guru.
Please get in touch:
Final thoughts
Financial wellness and mental health are intricately linked. By taking steps to improve our financial wellbeing, we can also improve our mental health, and vice versa. Remember, you are not alone. There are resources and support available to help you navigate these challenges and achieve greater wellbeing in all areas of your life.
Did you like this post? Think you have a friend who might want to read it?
Make sure you don’t miss any of my other posts: