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Money And Stress: Are Your Finances Affecting Your Mental Health?

Money and Stress: Are Your Finances Affecting Your Mental Health?

Wednesday 3rd November is National Stress Awareness Day in the UK, so we thought we’d have a look at stress and how money can play a key role in how stressed we are.

According to a 2018 survey, 85% of UK adults experience regular stress. Many point to money worries as the number one cause of stress.

Another study, from 2019, found that a quarter of us feel stressed about money every single day. From the people surveyed not a single person said that they ‘never’ worry about money – so if you’re feeling stressed due to your finances, you are definitely not alone.

The UK mental health charity Mind notes that money worries can feel like a vicious cycle as stress and worry can make it harder to manage your finances or earn more money, and that can lead to your financial situation being worse – which obviously leads to more stress.

So what can you do if you are struggling with your finances to the point where it’s affecting your mental health, or causing you an amount of stress you are struggling to deal with?

The NHS have some resources on coping with financial worries. They suggest trying to stay active as much as possible – keep seeing friends and family, get some physical activity and don’t bury your head in the stand. Often getting started again is harder than keeping going, so don’t neglect your physical health or your social circles.

It’s important to try and maintain a healthy diet and not to drink too much alcohol.

The NHS also suggest prioritising your debts and trying to overcome any fears about talking to people about your money worries. Clockwise have a page of resources you can use if you need to talk to someone about your finances: https://www.clockwise.coop/financial-difficulties/

Being unable to afford an unexpected cost, like a home or car repair or a larger than expected bill can also be a cause of stress. If you need to borrow to spread the cost, Clockwise can help with a personal loan at an affordable rate.

Clockwise Credit Union have a range of financial products to help you manage your finances better. With safe savings and affordable loans, joining a credit union could take some of the financial stress out of your life. If you’re interested you can join here: https://www.clockwise.coop/join/

References

https://www.forthwithlife.co.uk/blog/great-britain-and-stress/

https://www.perkbox.com/uk/resources/blog/financial-wellbeing-survey

https://www.closebrothersam.com/for-employers/news-and-insights/25-million-uk-employees-affected-by-money-worries-while-at-work/

https://www.nhs.uk/mental-health/advice-for-life-situations-and-events/how-to-cope-with-financial-worries/

https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/

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