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. It is important to be self aware of our feelings during these times and seek help from our friends, family or a mental health professional.
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.
- Understand your current financial position and how it’s affecting your mental health and vice versa.
- Understand the relationship between mood patterns and impulse purchases.
- If your income in affected due to COVID 19 or due any other reason, note down your incoming and outgoings and make budget allocations to manage your expenses,
- Manage anxiety and panic while organizing your finances.
Resources
Remember, it’s never too late or early to ask for help. If you’re worried about your loan payments or mortgage arrears, seek help from our financial advisors at (01) 851 3400 or email us at info@mfcu.ie. Learn more about managing arrears and debt here.
Mental Health Professionals – To arrange appointments with a mental health professional, have a look at this list of local services.
Aid for Financial Issues – Citizens Information can inform you of the benefits that you can receive in case of debt or other financial difficulties related to COVID-19 and unemployment.
Also, consider checking out MABS for free and confidential advice and support on managing debt.