Financial Problems and Mental Health
This Mental Health Day, we want to talk to you about your mental and financial health. While mental health is not always directly related to our financial position, debt and financial issues can often cause mental health problems. According to data collected by Money and Mental Health Policy Institute (2019), half of the people with financial issues have mental health problems, while about 20% of people with mental problems are likely to have financial issues.
HSE (2020) predicts that these numbers might even increase given the present conditions. Some people might notice increased anxiety, trouble sleeping, insecurity and irrational thoughts. It is important to be self aware of our feelings during these times and seek help of our friends, family and mental health professions.
Being aware of our mental and financial health
It is important to sit back and navigate our feelings in order to fix a problem. Financial issues can often be too overwhelming and make us lose focus. You may see changes in your behaviour and emotions such as anxiety, increased impulsivity, sleep issues and memory problems. This can further impacts our ability to make financial decisions. To break this viscious cycle, seek support from people close to you or consider talking to an expert.
Mental Health Professionals – To arrange appointments with a mental health professional, have a look at this list of local services.
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