The Effect of Financial Problems on Mental Health

More and more people around the world report that their finances are one of the top sources of stress and anxiety in their lives. Many people today can’t overcome financial burdens and some even can’t make any steps towards improving their financial situation. So it’s obvious that money creates great mental health problems. If you’ve been struggling with money and also experiencing some of the following issues, you’re not the only one. 

Finances and stress

Stress is not always a bad thing, anxiety as well. For instance, these two are a great guide when making certain financial decisions and preventing us from making reckless purchases. However, when stress stops being a speed bump that slows down our impulse decisions and becomes a hill impossible to see over, things can get very complicated. And long-term stress is a trigger of many physical and mental health issues. 

Finances and emotional wellbeing

Financial stress can affect our overall emotional well-being. This type of stress is almost all-consuming and present at every corner. Every day, we need to pay bills, put gas, buy groceries, pay rent, give money to kids, etc. While you worry about money, you can start worrying about all the aforementioned things, causing a great emotional whirlwind. 

Sleep issues due to financial problems

People can experience sleep issues due to many things, but overthinking and stressing are two of the biggest culprits for insomnia. According to a study conducted in Australia, people living in areas with high unemployment and experiencing economic hardships struggle with sleep much more than people from low unemployment areas and those with a stable financial situation. Debt is the number one killer of sleep, especially if it comes from many different sides, so consider certain helpful MoneyMe alternatives for personal finance and start handling your debt. After you pay off other debts, you’ll have just one loan to focus on and reduce your stress manifold. 

Depression due to financial problems

No matter the income level a person belongs to, depression is linked to financial issues across all of them. Unfortunately, the relationship between depression and money is more evident in low-income environments. Once all the financial decisions we need to make during the day add up, it can cause long-lasting depression and worry for the future. And the biggest issue is that almost every decision we make has financial consequences—it’s hard to handle when you struggle financially. 

Feelings of isolation and shame

Dealing with financial issues is a big taboo today, even though so many people around the world struggle with making ends meet. For many, money is a huge source of shame, because they might feel like a failure when they can’t earn enough to live a comfortable life or afford certain things their friends, family members or neighbors are able to afford. People find great shame in asking for money, so they choose to suffer in silence which can be very isolating. And being excluded from events and purchases that require investment can trigger sadness, stress and even depression. 

Longer healing time 

People who suffer from depression, anxiety and any other mental health issue are much more likely to stay sick if they have financial issues as well. Low financial stability greatly affects the recovery rates for mental health conditions, prolonging the treatment or even resulting in life-long issues people can never escape. And the fact that in most cases, mental healthcare is very expensive and not covered by insurance makes things more complicated for people struggling with money—they have no ways to get the mental health help they might require. 

Suicide triggered by financial issues 

This is a subject many people choose to ignore because it’s just that painful and scary, but it’s important to keep the dialogue going and shine some light on this scary statistic. People who suffer from financial difficulties, mainly great debt, are three times more likely to contemplate suicide. While suicide depends on many factors like social issues, life circumstances, personality factors, etc. there’s still a strong link between debt and this desperate step to escape it. It’s important to reach out if you or anyone you know is struggling with suicidal thoughts—you’re never alone. 

Financial difficulties are getting more and more common among all classes. If you feel financial stress, consider asking for professional help from advisors, family, friends and mental health professionals—together, we can get over any bump.

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