Studies throughout the world show that money problems and mental health are linked, and in many countries, young adults are found to be most likely to experience mental health or wellbeing issues linked to money.
Money worries can affect a person's mental health, and a person's mental health can affect their finances, resulting in a cycle that can be very difficult to get out of.
Money worries can affect your wellbeing at any time in your life, whether or not you have started to work and are earning an income. If any of the following behaviours seem familiar to you then it may indicate that money is affecting your health and wellbeing:
If any of these behaviours affect you then the longer you leave them, the more they can affect your mental health. If you can, talk to your doctor or medical practitioner. They may be able to recommend counselling or other support. Alternatively, you could contact a charity that specialises in mental health issues.
When your mental health and wellbeing is affected by money problems and worries, it can lead to a range of addictive behaviours, some of which aren't easy to spot yourself.
They can include:
Let's learn more about avoid excessive borrowing, and get more tips to keep a healthy financial status.
Talking about your money worries isn't easy, but it may really help. If you don't feel able to talk with your spouse or partner about financial difficulties, or how they are affecting your health, try talking to:
If a particular money issue is affecting you, like a loan or payment that you can't pay, then talking about it with your bank or financial provider can be a good place to start. They may be able to help, for example by consolidating your debts, or extending the period of a loan.
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