How Your Finances may be impacting your wellbeing and health

By staff

How often do you think about your finances from day to day? Most people will think about their bank accounts a few times a day, making a checklist of all the bills they need to pay or any events they may need some extra money for. Financial issues can cause a rippling effect of problems for individuals and their families.

There is never going to be a correct way to spend, save or earn money. It is always dependent on the person’s lifestyle, family needs and personal expectations. People generally create beliefs and values of money that are shaped by personal experiences, culture, education, self-worth and more. Financial stress will affect not only the main individual’s health but eventually the wellbeing of any relationships they are in, family, friends and potentially their workplace.

 In times of economic hardship some individuals will start to show tendencies of anxiety, depression, detachment, grief, erratic sleep, under or over eating and even panic. Mental health studies show that individuals with overwhelming financial issues are 3 times more likely to experience depression, alcohol dependency, drug dependency or suicide.

Financial situations that people generally relate to stress inducing include:

  • High levels of debt and insufficient funds to pay off
  • Unexpected loss of income
  • Increased financial responsibilities
  • Values of income between partners
  • Inability to fix problems that arise
  • Bankruptcy

It may also impact health in causing a weak memory, hair loss, poor skin health, severe headaches and potentially a heart attack. Money can have strong connections to a person’s emotions and how they value life and personal successes.

Financial security falls under safety which is a basic human need to feel complete. Financial wellbeing is when an individual can have the financial freedom to make choices, now and in the future with no limitations. But financial wellbeing is normally different for everyone, it could be to be able to provide for their family, to be able to purchase a home or even just to be able to feel safe with the finances they have.

Meeting with a mental health counselor or financial therapist to help cope with the grim feelings and treat the underlying mental health conditions is a starting point for some. But amongst all the emotions trying to remember that help is always available and to remember that your health is always more important than allowing financial stress to damage it.