The relationship between financial and mental health

5 tips to help improve your financial well-being

Imagine feeling really good about your finances. You pay your bills on time, you regularly contribute to your retirement and savings, and you aren’t drowning in debt. Being in a good financial state contributes to a good mental state.

And when your mental health is good, life is easier.

Unfortunately, many Americans don’t feel great about their finances. In fact, 42 percent say that money is negatively affecting their mental health, leading to stress, worry, anxiety, and feelings of insecurity. Millennials is the age group that’s most anxious about their finances (48 percent) with Gen Xers a close second (46 percent).1

Credit card debt is a major cause of anxiety. Nationwide, cardholders average unpaid balances of $6,569. Consumer credit card balances amounted to $800 billion in the third quarter of 2021, which amounted to $17 billion more than it was the previous quarter.2


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