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How mental health affects financial health

Mental_Health_Awareness_Month

Good mental health is essential for our overall well-being and quality of life. Mental health affects how we feel, think, and behave, and it is critical for us to maintain good mental health to lead a happy, healthy life. However, many people overlook the link between mental health and financial health. The truth is that our financial health and mental health are closely connected, and one can affect the other.

Stress and anxiety

Stress and anxiety are two of the most common mental health issues that can have a significant impact on our financial health. Chronic stress can cause us to feel overwhelmed and unable to cope with daily life, which can lead to poor decision-making, procrastination, and avoidance of financial responsibilities. This can result in missed bill payments, increased debt, and poor credit scores. Similarly, anxiety can cause us to feel apprehensive about making financial decisions, which can lead to indecision, hesitation, and missed opportunities.

Productivity and motivation

Good mental health is essential for productivity and motivation. When we are feeling mentally healthy, we are more likely to be productive and motivated, which can lead to financial success. However, when we are struggling with mental health issues, our productivity and motivation can suffer, which can result in decreased income, missed career opportunities, and financial instability.

Impulsive spending

Mental health issues can also lead to impulsive spending, which can have a negative impact on our financial health. When we are feeling anxious, depressed, or stressed, we may turn to shopping as a form of self-soothing or as a way to cope with our emotions. This can lead to overspending, credit card debt, and financial stress.

Relationships

Our mental health can also affect our relationships, which can have a significant impact on our financial health. When we are struggling with mental health issues, we may find it challenging to maintain healthy relationships with our partners, friends, and family members. This can lead to conflict, isolation, and financial strain, particularly if we are relying on our relationships for financial support.

Good mental health is essential for financial health. Mental health issues can lead to stress and anxiety, decreased productivity and motivation, impulsive spending, and relationship problems, all of which can have a negative impact on our financial well-being. It is important to prioritize mental health and seek professional help when needed. By taking care of our mental health, we can improve our financial health and overall quality of life.

Dialing or texting “988” will connect you directly to compassionate, accessible care and support for anyone experiencing mental health-related distress – whether thoughts of suicide, mental health, substance-use crisis or any other kind of emotional distress. The 988 hotline can also be used for those worried about a loved one in need of crisis support.

Sharing 988

Sharing the 988 can be as simple as hanging in-branch information for members and staff, sharing on social media, or adding a small section to your newsletter.

You can find the full988 toolkit here.

Now is a perfect time to consider what your credit union can do to join the conversation around mental health. I’d encourage all credit union leaders to ask where they can help – and the perfect first step is sharing the 988 resources with staff and members alike. What better way to demonstrate “people helping people,” than providing resources for life-changing mental health support.

Robbie Young

Robbie Young

CUInsight.com