Financial Wellbeing and Positive Mental Health: is there a Connection?
In our day and age, mental health has become a prominent issue. The world continues to evolve to combat the rising struggle of mental health. Many individuals face challenges when trying to manage mental health symptoms, like anxiety and depression. A body of research has emerged in which the objective is to better understand the connection between Financial and Mental well-being. In this study, a few key findings have been uncovered:
People are generally stressed, and finances are a prominent concern.
Financial challenges often lead to mental health challenges.
Not everyone responds to these challenges the same.
We often look at stress as a way of life, but what happens when that stress rises to the point that we have trouble functioning and going about our daily tasks? The following are some recognizable examples;
“How will we make ends meet with rising inflation?”
“I didn’t get the wage increase at work that I was expecting.”
“I received an unexpected bill, and this is a terrible time.”
“My investments are way down, and I’m planning to retire next year.”
“My credit card is maxed out.”
These are just some of the common issues that we see people facing in their lives. These issues can negatively affect us emotionally.
But what if there were recommendations to help combat the effect that our finances can have on our psyche? Here are a few ideas:
Have a Plan and Budget. Create a budget and a plan for your household. Regularly review your budget and plan with your spouse or those involved in the household financial decision making.
Seek Counseling. People seek counseling in this day and age for all sorts of reasons. Over the last couple of years, we have seen an increase in the services available in our local communities. Counseling can be a productive way to manage our stress and help find solutions to our current situations.
Turn Down the Markets. Looking at the markets and one’s investments on a regular basis can trigger stress and cause concern. It is beneficial to schedule regular financial reviews throughout the year with your financial advisor. Worrying over daily market changes can create overall discomfort and unease.
Work with a Financial Advisor. Guidance from a professional can have a lasting impact. A Financial Advisor can help you create a budget, manage your finances, and set financial goals. This can allow you to live the life you want today and secure the legacy you want for tomorrow.
Self-Care. Exercise, meditation, and indulging in our interests and hobbies can help us reduce our stress levels and help us to manage our finances with greater confidence, which can help us make better financial decisions.
It is important to remember that our mental health and financial wellbeing have a significant impact on one another. If we take the time to manage both, this can lead us to a healthier place mentally and a more productive place financially.
