Did you know that May is Mental Health Awareness Month? Given that many people worry about finances, it is no surprise that there is a link between financial well-being, mental health, and overall well-being. Seeking help for mental health issues and getting help with finances when needed can improve overall well-being.
Budgeting, debt management, and credit-related issues are among the most common challenges that cause financial stress. But even longer-term planning goals, like saving for college or retirement, can create stress because of a lack of information or simply not having a plan. In a recent study, 67% of MSA members said they lack three months of savings to cover living expenses, and nearly 4 in every 10 mentioned that inflation greatly impacts their ability to pay their monthly bills.1
Finances can also cause stress in relationships. While making long-term plans can help a couple look forward to a future together, it can also be stressful if it raises conflict. According to a recent study by the American Psychological Association, over half of the adults who reported money as a significant source of stress (55%) said money is a cause of fights or tension in their family.2
The American Psychological Association also reported that over a quarter of adults said: “that most days they are so stressed they can’t function.”1 In addition to addressing financial stressors, support for mental health is also important. This is where an Employee Assistance Program can help. They have a plethora of mental, emotional, physical and financial well-being resources available, including online tools and personalized counseling.
Some good news? In a survey conducted by My Secure Advantage (MSA), members working with a Money Coach reported a 90% average improvement in financial well-being and a 30% average decrease in time distracted at work due to financial stress.3 Less financial stress at work and home leaves more time for self-care and healthy behaviors like exercise, meditation, or using wellness program benefits through an employer.
As you consider ways to focus on or improve mental health, consider the financial side of things. Partnering with a Money Coach can help those who consider finances a stressor – as well as those who want to keep finances from becoming a stressor. MSA’s team of money coaches are trained to listen well, to be compassionate and nonjudgmental. In addition, they provide educational support and accountability with the goal of helping members decrease financial stress and improve their financial well-being. Call 888-724-2326 today to learn more.
1 Pulse Survey report. MSA. November 2022, 1029 MSA members.
2 “Stress in America 2022: Concerned for the Future, Beset by Inflation.” American Psychological Association, American Psychological Association, Oct. 2022, https://www.apa.org/news/press/releases/stress/2022/concerned-future-inflation.
3 My Secure Advantage, Inc., January 2023. Based on MSA member self-reported data, when member is working with a coach on this specific issue, from 1/1/21 – 12/31/22.
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