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October 10 is World Mental Health Day. The theme for World Mental Health Day 2022 is “Make mental health and well-being a global priority for all”.
Finances are a big worry for many, and if you want to make mental health a priority, alleviating some of the stress around money management is a good place to start.
42 percent of American adults say money is negatively affecting their mental health, according to a recent report. survey From Bankrate and Psych Central.
The survey was requested 2,457 adults on how finances affect their mental health. 70% of survey respondents say stress is a top response to finances.
Other emotions people associate with money include stress, anxiety, exhaustion, and insecurity.
These are the most common activities that trigger negative emotions related to money.
- By checking their bank account (49%)
- Paying bills (41%)
- Shopping (34%)
- Discussing money (32%)
- Payment (21%)
- Looking at their investment accounts (16%)
- Viewing social media (11%)
These groups are most affected by financial stress
Of all age groups, millennials, ages 26 to 41, experienced the most financial stress, at 48%.
“That’s when we’re the first to have kids, the first to start, or we’re insecure in our work environment because we haven’t worked as often. We haven’t built up savings,” says TJ Williams, regional president and financial advisor. Enrichment Group, an independent wealth management firm.
“These are common experiences we’ve had for generations, but society has put a different spin on it. Social media creates undue pressure.”
46% of Gen X, aged 42 to 57, do not lag behind, and 40% of Gen Z, aged 18 to 25, say financial problems are a mental health concern for them.
Women indicate that money has a greater influence on their mental state than men, “with 46 percent choosing it compared to 38 percent of men.”
When income is considered, people with lower incomes experience more financial stress than those with higher incomes.
Only 30% of people making at least $100,000 a year say money has a negative effect on their mental health, while 48% of earners make less than $50,000 a year say.
3 ways to feel financially secure, maintain positive mental health
To feel more secure with your money, Williams suggests following these three steps:
- Build a Cash Reserve: Save enough money to pay back any curve balls life throws your way.
- Have a defined or written plan to pay off debt, and make it achievable
- Look at your MUG monthly (or weekly), which means how much money you need for mortgage (or rent), utilities, and groceries. For some, you may need to consider gas costs and insurance.
Following this step-by-step process can reduce how often you need to check your bank statement during the week, notes Williams. He recommends only checking your financial status once a week to monitor for fraudulent activity.
You can also consider finding an accountability partner who shares your financial goals, he adds. This person should be non-judgmental and supportive, Williams emphasized.
Also, remember that everything you see on social media isn’t always what it seems, says Williams.
Comparing your financial situation to others can make you feel worse, as they post pictures of themselves traveling or buying a new car, he says.
“Their financial situation could have been different from the beginning,” Williams said. “you [also] They don’t know that they are living beyond their means. There is a lot to look at.
Above all, “give yourself grace,” says Williams. Financial challenges are common, especially when you start managing your own money, he said.
“When it comes to planning and budgeting, you can’t take everything into account, life happens,” he says. “There are things out of our control, and we have to be okay with that.”
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