Money & Mental Health: What’s The Impact?

Posted On By keena

At one point or another, most of us have money worries. Whether you are a struggling student, a mother finding it hard to make ends meet, or a young adult not earning enough from work, money worries can be totally debilitating for your mental health. While it’s clear that mental health problems are psychological in terms of the cause, lifestyle factors can set them off or worsen them.

Various triggers – such as grief, heartbreak or significant changes – are known to impact mental health in a negative way. However, sometimes it’s the everyday things that can have an impact on your mental health, such as your finances, for instance. The question is, of course, what causes money to impact your mental health and how can you prevent this from happening?

Anxiety and depression are common

Common mental health problems that stem from financial issues are anxiety and depression. It’s common for people struggling with their finances to feel anxious about how they will get things back on track, so much so that they can struggle to get a good night’s sleep and lay awake worrying for most of the night.

Depression is another issue linked to financial problems. In fact, financial-related depression can get so bad that one in six people with it have reported having suicidal thoughts. That’s why taking this situation seriously is so important.

Shame and stigma cause silence

Financial problems are often a source of shame. No one wants to admit that they are in financial trouble because of the stigma relating to being ‘poor’. Studies show that one in four people are impacted by mental health, and out of those people, four million of them will struggle financially, making their mental health even worse.

A study performed in 2012 found that 74% of people living with debt or financial problems suffered from mental health problems as a result. However, both topics of mental health and financial well-being are rarely spoken about due to shame and fear of stigma.

Support is available

The good news is that there is support available for people suffering from finance-linked mental health problems from sources such as Mind, for instance. Of course, while this support can help to improve mental health, the thing that can really help is clearing your debts or getting your finances into better shape.  

Resources like https://personalloan.co can be helpful for this as they can offer you a lifeline, a way to get caught up on any overdue payments. Of course, if you are going to take out a loan to get your finances back in order, you need to ensure that it is affordable. That’s why it’s best to discuss your options with a financial adviser who can help you to make a smart decision and put you on the path to success.

Money can have a huge impact on mental health, which is why it’s so vital that there is support available for people living with financial issues. There should not be stigma or shame associated with having money problems, because it’s these things that lead to mental health problems getting worse. Support is what is needed, not judgment.

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