Money is a top cause of stress for most of us. Money issues can be overwhelming therefore negatively affecting an individual’s mental and physical health as well as having negative effects on a person’s relationships and family life.
Some money issues are related to an individual’s own decisions, such as poor money management, lack of planning, being impulsive, or gambling. However, not all causes of money issues, are the result of personal choice. For example, being a victim of theft or feud can cause an individual to become financially stressed and anxious which is out of their control.
A clear link has not been identified, between money issues and poor mental health. However, research has shown that individuals in financial distress are three times more likely to suffer with mental health issues. They are at greater risk for depression, substance dependency, psychosis, and suicide, than individuals who are not in financial distress.
Common signs of severe financial distress can include:
Therapy can help an individual to focus on the psychological and emotional outcomes of money issues. It can help an individual assess their expenses and their view about money.
Therapy can help educate individuals on how to identify productive money management strategies, as well as obtaining give good social support. Furthermore, therapy can also help ease stress and anxiety, therefore promoting improved mental health.
Written by Alannagh Kelly