How mental health and money are linked - M4Money Credit Union

Mental health and money can be interlinked whereby poor mental health and cause money issues while money worries can have an impact on your mental health.

From research that was conducted by the Money and Mental Health Policy Institute, it was noted that 46% of people with problem debt also have a mental problem. From their national poll, they discovered that almost four in ten (39%) people with a mental health problem said their financial situation had worsened their mental health problems.

Financial difficulty can affect your mental health in the following ways:

  • Financial difficulties are a common cause of stress and anxiety. For instance, opening envelopes or completing credit checks can trigger feelings of anxiety and panic
  • Those in problem debt can mean that people struggle to ask for help and may become isolated. This can affect their social life and relationships
  • Money worries can lead to sleep problems
  • You might not be able to afford things that you need to keep you well including food, clothing, housing, water, heating or medication

Reference: Mind

Those suffering from money worries can have feelings of guilt for spending money even if they can afford it. They can even feel guilty for seeking support even if they need it. They will be afraid of looking at their bank balance or speaking to a financial institution. They will feel ashamed for needing support. Some people also feel stressed if they are under a lot of pressure to support themselves and others who depend on them.

To overcome the above feelings, keep a diary of your spending and your mood to record what you spend and why. You can also record how you were feeling before and after you spent money.

Once you know more about yourself and understand your money habits, you will be able to plan ahead with your money.

How to tackle financial difficulties:

1. Seek support from one of the following contacts:

2. Implement money-saving tips such as from our website or Money Saving Expert’s website.

3. Get in touch with us to see how we can help you.