The Impact of Financial Difficulties on Mental Health
Money is a challenge we all face at some point in our lives. Whether you’re trying to pay off your student loans, buy a house, or send your kids to college, financial stressors can feel overwhelming—especially if you don’t have the resources to handle whatever it is you’re facing.
Research shows that financial stress can seriously affect our mental health, and when we’re dealing with depression or anxiety, it can feel like we’re walking uphill through wet cement with a backpack full of rocks on our backs. If you’re already struggling with one of these conditions, dealing with a financial issue on top of it can feel like too much to bear. But there are ways to get help.
First of all, it’s important to know that your stress over money matters isn’t irrational—it’s real. Research shows that even people experiencing financial hardship outside of their control still experience stress related to their finances. The fact that you are stressed about money doesn’t mean that you aren’t handling things well or that you aren’t living up to your standards—it just means you’re human.
The good news is we are seeing an increase in awareness around these issues. As we start to understand how our financial health affects our mental health, we’re finding new ways to cope with the stress and depression caused by money worries. As well, there are plenty of options out there if you find yourself struggling with your mental health related to your finances.
Talking to a licensed insolvency trustee can be a great start for dealing with your finances and provide you with basis for tackling your debts. If you are struggling with debt or making payments but your debt balances are not going down, JW Weber and Associates can help you get back on track—and most importantly, remember that you are not alone!