Can Finances Affect Your Mental Health?
This week we were going to discuss how personal finances and mental health have a strong impact on each other. For example, individuals who struggle with money may find that their mental health is affected. While, individuals who cannot cope with their feelings/behavior may find that they get into financial difficulties.
First I want to talk about how financial problems can affect your mental health. Current research suggests that being in debt can have a profound effect on people’s mental health and well-being. The stress, worry and trying to have control over your expenses can result in:
- Increase in depression and pessimism about the future
- Increase in anxiety due to fear of getting into debt
- Giving up control of your financial affairs
- Worry about whether you should ask for help
Second I want to discuss how mental health can affect your finances. Many common mental health problems are likely to make it more difficult to manage your money because of the nature of the symptoms. For example, rash/unwise decisions about their finances which can result in spending money that is not there. Also, individuals who are ill may need someone else to take control of their money for a short time. Below are some ways that mental health problems can affect your finances:
- If your ability to work is affected lack of income will certainly be felt
- If you are depressed, you may become less motivated to keep control of your finances
- If you are unable to make decisions for yourself, you may be more vulnerable to financial exploitation or abuse.
When financial problems are affecting you, watch out for these signs that you or loved ones may need help:
- Persistent sadness or crying
- Excessive anxiety
- Insomnia or constant fatigue
- Excessive irritability or anger
- Increased drinking
- Illicit drug use, including misuse of medications
- Difficulty paying attention or staying focused
- Lack of motivation, not caring about things that are usually important to you
- Not being able to function as well at work, school or home
The holidays are just around the corner – keep an eye on your financial health. Cheers!