The Link Between Your Money and Your Mental Health

Money isn’t the most important thing in this world, but the burden of money worries on a person’s life instantly highlights the need to seek financial security.

Without this stability, the link between your money and your mental health becomes impossible to escape.

In short: health and wealth go hand in hand.

Paying greater attention to personal revenue, outgoings, and retirement savings consequently plays a considerable role in your future from a health perspective as well as a financial one.

If you’ve lost control of the situation, now is the time to regain it.

The Shared Symptoms Of Financial Stress & Mental Stress

Owing money is clearly a stressful situation.

Whether it’s juggling debts with ongoing overheads or fielding a barrage of calls from collectors, you will feel the negative impacts.

However, a quick look at the symptoms of poor financial health and poor mental health, the link between the two becomes more precise still.

The list of shared symptoms includes, but is not limited to:

 

  • Anxiety;
  • Depression;
  • Feelings of hopelessness;
  • Guilt;
  • Insomnia and disrupted sleep;
  • Low self-esteem;
  • Paranoia;
  • Self-loathing.

 

While each of the issues may be experienced in a mutually exclusive manner, the shared symptoms give a clear insight into how money worries can turn into mental stress.

Statistics That Underline The Link Between Money & Mental Health

The shared symptoms between money worries and mental health conditions make a solid case for the links between the two issues, even before any factual conclusions are made.

Nonetheless, various studies have delivered further proof that individuals suffering from financial troubles are more likely to experience mental health problems as a direct upshot of this situation.

Some of the most telling statistics of recent times are as follows:

 

  • Half of all Canadians agree (1) that their current debt has put stress on their lives;
  • Like Americans (2), most Canadians would struggle to deal with an unforeseen $500 expense;
  • Almost half of all Canadians (3) state that financial worries have caused them to lose sleep;
  • Canadians in the lowest income bracket are 3x more likely (4) to suffer mental health issues;
  • Canada’s personal debt is at an all-time high (5), as are recorded mental health cases;
  • The lowest income quintile is more than twice as likely (6) to commit suicide than the top quintile;
  • Roughly one in five mental health patients (7) suffer from financial problems too.

 

The correlation between money worries and mental health is impossible to rebuke, especially as many people that seek financial support from Bankruptcy Canada display visible signs of anxiety and depression.

Most worryingly, it’s not uncommon for those links to produce the very worst outcomes, including suicidal thoughts and self-destructive behaviors.

The Dangerous Cycle Of Debt & Mental Health Problems

Poor mental health and poor financial health aren’t only closely connected, they actively feed into one another.

Debt naturally causes feelings of guilt, hopelessness, and self-loathing, which can subsequently lead to feelings of anxiety and depression.

While most people appreciate the dangers of debt leading to mental health issues, many people overlook the situation surrounding the reverse scenario.

The harsh reality is that mental health issues can cause money problems too.

This happens for an extensive range of reasons, including but not limited to:

 

  • Mental health problems can cause you to lose your job or take an extended career break, thus harming your earnings;
  • When you are depressed, it’s far easier to fall into self-destructive habits, including excessive spending as well as gambling and drugs;
  • The knowledge that you cannot escape debt or that you have to accept high APRs can lead you to give up on trying to solve the financial crisis;
  • Seeking treatment for mental health issues can be expensive, depending on the type of service that is required;
  • Poor mental health can result in poor organizational skills, meaning that you lose control of paying bills on time.

 

It is a harmful cycle in which the two problems can continue to take a negative toll until something gives.

Whether it’s your financial security or your physical and mental health, the outcome is disastrous.

Therefore, it’s imperative that you regain control of the situation ASAP.

How To Regain Control Of Your Financial & Mental Health

Due to the close relationship between the two elements of your life, it is possible to see wholesale benefits by paying greater attention to your financial health. The first step is to build a financial strategy that is tailored to your personal situation.

Nonetheless, the following ingredients are all frequently seen in the recipe for success.

Debt Relief

If you find yourself in significant debt, clearing all accounts is the priority.

Not only does it lift a weight from your shoulders, but it additionally enables you to make a fresh start.

Various forms of debt relief are available, allowing you to regain control without resorting to bankruptcy.

The feeling that you are trapped in an endless cycle of debt is the biggest danger to your mental health.

Treat this issue, and noticeable impacts should follow.

Get Organized

When your finances have limited your mental happiness, gaining the reassurance that your finance will move in the right direction is vital.

Good financial organizational identifies opportunities to reduce your expenses while also confirming the positive steps you’ve taken.

Financial organization subsequently encourages you to feel in greater control of your emotions and mental health.

Plan For The Future

Financial stability isn’t limited to issues surrounding the immediate future.

It’s equally crucial, especially for your mental health, to remove long-term money worries.

Therefore, it is vital that you learn to play for your retirement with the necessary savings plans and budgeting tips.

Otherwise, any mental health issues caused by financial stress will feel even worse as you approach the age of retirement.

You deserve better.

Acknowledging the link between money and mental health is a significant first step towards overcoming the problems.

To learn more about building a robust strategy today, call Bankruptcy Canada on (877) 879-4770.

 

1| https://www.ipsos.com/en-ca/news-polls/manulife-debt-poll-2018-07-27

2| https://www.cbsnews.com/news/most-americans-cant-afford-a-500-emergency-expense/

3| https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness-work/stress-impacts.html

4| https://www.camh.ca/en/driving-change/the-crisis-is-real/mental-health-statistics

5| https://www.cpacanada.ca/en/news/canada/2019-10-25-debt-health-impact

6| https://www.canada.ca/en/public-health/services/publications/healthy-living/suicide-canada-key-statistics-infographic.html

7| https://www.moneyandmentalhealth.org/money-and-mental-health-facts/

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