May is Mental Health Awareness Month. Did you know that mental health is important and closely tied to overall well-being? While many people realize that mental health can influence physical health, it may be surprising to learn that mental health can also impact your finances and vice versa.
Out-of-control finances can negatively affect your mental well-being. According to the American Psychological Association, “Nearly 2 in 3 adults (64%) say that money is a significant source of stress in their life.”¹ And, people often report that worrying about finances contributes to anxiety and depression.
At My Secure Advantage (MSA), we’ve been providing financial wellness services for more than two decades and have seen the kind of impact finances and mental health can have on each other. Those who report moderate to high financial stress also report that their finances are negatively affecting their overall health sometimes if not most of the time.² It’s also no surprise, then, that people who feel more in control of their finances report greater financial well-being. Those reporting moderate to low levels of financial stress also tend to report that their finances only have a negative impact on their health some of the time if not rarely.²
In a similar way, suffering from mental or physical health challenges can sometimes cause financial issues. For example, if depression is making it difficult to manage day-to-day activities like paying bills, then putting off bill payment can create more financial issues in the future, like late fees.
What does change look like?
Taking steps to reduce financial stress can have long-term benefits toward achieving your financial goals, but also in improving your emotional and physical health. Maybe you have adopted a regular routine of healthy eating, meditation, yoga, aerobic exercise or started a new hobby. Don’t forget to add Money Coaching to your wellness lineup, too.
Getting back on track by partnering with a Money Coach can help aid your overall recovery, alongside your mental and physical healthcare professionals. If you’ve been struggling with a financial challenge, creating an action plan and getting it under control can have a positive impact on not only your financial outlook but your level of stress, as well.
What kind of positive impact can improving your finances have on your overall health? Of those who initially reported high levels of financial stress, working with a Money Coach led to a 76% improvement in financial wellness and a 41% improvement in how often their finances negatively affect their overall health, on average.²
Imagine a future that looks better than today. Take the first step and schedule an appointment with a Money Coach.
¹ Stress in AmericaTM 2020: A National Mental Health Crisis. APA, Oct. 2020. Web. Accessed 7 May 2021. https://www.apa.org/news/press/releases/stress/2020/report-october.
² My Secure Advantage, Inc., January 2021. Based on MSA member self-reported financial data from 1/1/20 – 12/31/20, among members working with a coach.
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