The cost of living crisis is affecting people’s wellbeing, creating a lot of uncertainty, fear and nervousness around money and the impact on mental health.
Mental health and money are interconnected in various ways. Financial stress can have a significant impact on your mental health, while mental health conditions can also affect one's ability to manage finances. Becoming a vicious cycle feeling like there’s no way out.
Financial stress is often a significant source of anxiety and may lead to depression, sleep problems, and other negative issues. Which can bring about feelings of shame, guilt, or embarrassment, which can exacerbate current conditions. In severe cases, it can lead to suicidal thoughts or behaviours.
On the other hand, mental health conditions such as depression, anxiety, bipolar disorder, and addiction can also have an impact on a person's financial situation. People may find it difficult to maintain steady employment, manage their finances effectively, or make sound financial decisions. They may also be more prone to impulsive spending or compulsive behaviours that can lead to debt and financial problems.
Seeking treatment for mental health conditions can help individuals develop healthy coping strategies and manage their symptoms effectively, which can lead to better financial decision-making. Likewise, improving one's financial situation can reduce financial stress and alleviate mental health symptoms.
There are various resources available to individuals who need assistance with managing their mental health and finances, including therapy, support groups, financial counselling, and government assistance programs. It's crucial to seek help and support when needed to improve your mental health as it seems the cost of living crisis is here to stay a while longer.
