Money

How Does Money Tie In With Mental Health?

Money. For some reason, the word reminds them of stability, however, this might not be the case for everyone. It might bring you shock but financial problems and mental health are linked- according to the Money and Mental Health survey ‘86% of nearly 5,500 people said that their financial situation had made their mental health problems worse.’

a man holds his head while sitting on a sofa

Financial life does indeed have serious effects on a person’s life. For instance, struggling to save money can lead to stress which can further make earning income harder as your mind might associate money with feelings of anxiousness. And this might become an endless cycle.

Throughout the #TalkMoneyWeek, we have covered simple everyday steps in different articles on our website that can potentially help you to a happier financial position and reduce any chances of reckless financial decisions being made.

Low Section of Man Against Sky

Understanding your money habits could be the first step towards fixing the cycle and making a positive change. Discussing situations that trigger overwhelming emotions, like debt, with your family or friends could also help you form a coping mechanism to deal with money in these situations. You could also set weekly budgets to ensure that you do not overspend on unnecessary things and neglect the essential responsibilities like paying house rent.

In case you felt that you are the only one that might be going through a turbulent relationship with money. Here is Soibhan’s story of how she overcame the guilt and anxiety of not being able to maintain her set budgets and improve her relationship with money: https://www.mind.org.uk/information-support/your-stories/managing-money-and-being-kind-to-yourself/.  

Person Hand Reaching Body of Water

At any point you are unable to cope with things on your own, please do not hesitate to seek help immediately. Either see a GP for psychological help or contact a helpline such as Samaritans (call free on 116 123). Here are some websites that might also be useful to you in terms of further advice:

https://www.moneyadviceservice.org.uk/en

https://www.mentalhealthandmoneyadvice.org/

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