The Mental Health & Money Connection
May is Mental Health Awareness Month. It may be surprising to learn that mental health can also impact your finances and vice versa.
May is Mental Health Awareness Month. Did you know that mental health is important and closely tied to overall well-being? While many people realize that mental health can influence physical health, it may be surprising to learn that mental health can also impact your finances and vice versa.
The Connection
Out-of-control finances can negatively affect your mental well-being. According to the American Psychological Association, “Nearly 2 in 3 adults (64%) say that money is a significant source of stress in their life.”¹ And, people often report that worrying about finances contributes to anxiety and depression.
At My Secure Advantage (MSA), we’ve been providing financial wellness services for more than two decades and have seen the kind of impact finances and mental health can have on each other. Those who report moderate to high financial stress also report that their finances are negatively affecting their overall health sometimes if not most of the time.²
In a similar way, suffering from mental or physical health challenges can sometimes cause financial issues. For example, if depression is making it difficult to manage day-to-day activities like paying bills, then putting off bill payment can create more financial issues in the future, like late fees.
What does change look like?
Taking steps to reduce financial stress can have long-term benefits toward achieving your financial goals, but also in improving your emotional and physical health. Maybe you have adopted a regular routine of healthy eating, meditation, yoga, aerobic exercise or started a new hobby. Don’t forget to add Money Coaching to your wellness lineup, too.
Getting back on track by partnering with a Money Coach can help aid your overall recovery, alongside your mental and physical healthcare professionals. If you’ve been struggling with a financial challenge, creating an action plan and getting it under control can have a positive impact on not only your financial outlook but your level of stress, as well.
What kind of positive impact can improving your finances have on your overall health? Of those who initially reported high levels of financial stress, working with a Money Coach led to a 90% improvement in financial wellness and a 30% decrease in negative health impacts, on average.²
Imagine a future that looks better than today. Take the first step and schedule an appointment with a Money Coach.
¹ Stress in AmericaTM 2020: A National Mental Health Crisis. APA, Oct. 2020. Web. Accessed 7 May 2021. https://www.apa.org/news/press/releases/stress/2020/report-october.
² My Secure Advantage, Inc., January 2023. Based on MSA member self-reported data, when working with a coach on this specific issue, from 1/1/21 – 12/31/22.
More Like This
Did you know that May is Mental Health Awareness Month? With inflation impacting the prices of everything in our budgets, and markets getting more and more volatile, our financial stress can start to rise.
Your financial choices influence your experiences today and tomorrow — even your future. How you save, spend, and manage your money can also influence your mental health and overall well-being. That’s why it’s so important to review your financial habits and consider what you’re doing well and what might be improved. Consider the following connections […]
Money Coaches review some of the findings from a recent Mercer report and highlight employer benefits that try to help employees regarding mental, physical, emotional, and financial well-being.
When one thing after another goes wrong and your finances take a devastating hit, your MSA Money Coach can help you pick up the pieces and get back on track. See how Jack and his wife worked with their Money Coach, Patrick, to regain some financial stability. Financial Problems and Health Issues Financial challenges not […]
