Mental Health & Your Money
By: Will Rahjes
A recent survey conducted by the American Psychological Association found that 72% of Americans report feeling stressed about money. Whether money issues or uncontrollable circumstances was or is the cause of your or a loved one’s stressful relationship with money, it’s important to recognize that financial health can also affect a person’s mental health.
Here are a few ways financial health impacts someone’s wellbeing
- Mental Health- A sudden loss of financial stability or long-term financial insecurity can cause someone to suffer from anxiety and/or severe forms of depression.
- Physical Health - Additional stressors may lead to poor sleeping patterns and an inability to focus on simple tasks. Physical stress on the body can also result in a weakened immune system, leading to more colds or infections.
- Family Systems- Someone with financial stress may not be able to save as much for retirement, their first home, starting a family, or a child’s education. An inability to save for future milestones could create feelings of inadequacy and depression.
Just like financial stress can influence mental wellbeing, a person’s mental state can also influence their personal finances. For example, someone experiencing depression may turn to overspending to cope with their stress. People living with mental illness may find it difficult to go to work, stick to a budget, and pay bills.
Thus, inadvertently leading to more financial stress and creating a cycle.
If any of this applies to you or a loved one, it is possible to take back control of your money and mental health and it doesn’t have to be done alone. There are many resources available, such as seeing a doctor, visiting a counselor, contacting a financial advisor, and getting help setting a budget.
Ready to take the next step?
If you want to start the financial planning process, but don’t know where to start, our team of financial professionals can guide you. We can help you keep track of goals, plan for unexpected events, provide another opinion, and create strategies that align with your goals.