October 10th is World Mental Health Day and the theme for World Mental Health Day 2022 is ‘Making mental health and well-being for all people a global priority’.
Money is a major stressor for many people. If you want to prioritize your mental health, a good place to start is by easing your worries about managing money.
A recent survey found that 42% of US adults say money is having a negative impact on their mental health. Investigation From Bankrate and Psych Central.
poll 2,457 adults on how finances affect their mental state. According to his 70% of survey respondents, feeling stressed is the number one reaction to finances.
Other emotions that people associate with money include worry, anxiety, overwhelm, and insecurity.
These are the money-related activities that evoked negative emotions, from the most common to the least common.
- View bank accounts (49%)
- Bill payment (41%)
- Buy (34%)
- Need to discuss money (32%)
- Get paid (21%)
- View investment accounts (16%)
- View social media (11%)
These groups are most affected by money-related stress
Among all age groups, millennials aged 26-41 experienced the most financial insecurity, at 48%.
Wealth Regional President and Financial Advisor TJ Williams said: Enhancement Group, an independent asset management company.
“These are normal experiences that we have had for generations, but society has put another twist on it. Social media puts too much pressure on them.”
Generation X aged 42-57 are not far behind with 46%, and 40% of Gen Z aged 18-25 say money problems cause mental health issues .
Women than men show that money has a greater impact on their mental state, with “46% choosing money compared to 38% of men.”
When income is taken into account, low-income earners experience more emotional distress for economic reasons than high-income earners.
Only 30% of people earning $100,000 or more say money negatively affects their mental health, compared to 48% of people earning less than $50,000.
3 ways to stay financially secure and maintain positive mental health
To feel more secure financially, Williams suggests following three steps.
- Build your cash reserves: Save enough money to be ready for any change in your life.
- Have a written or written plan for repaying the debt and make it achievable
- Check your MUG monthly (or weekly). This means factoring in the amount you need for your mortgage (or rent), utilities, and groceries. In some cases, gas bills and insurance may also need to be considered.
By following this step-by-step process, Williams points out, you can reduce how often you need to check your bank account throughout the week. He recommends that he only review his financials once a week to monitor for fraudulent activity.
You can also consider getting an accountability partner who can share your financial goals, he adds. Williams emphasizes that this person should be supportive, not judgmental.
Also remember, not everything you see on social media is what you look like, says Williams.
He says it only makes him feel worse when he compares his financial situation to others because other people post pictures of him traveling or buying a new car.
“Their financial situation may have been different from the beginning,” says Williams. “You are [also] I don’t know if they actually live beyond their means. There are a lot of them, just for show. ”
Above all, “Give yourself grace,” says Williams. Financial problems are normal, especially when you’re just starting to manage your own money.
“You can’t explain everything when you talk about planning and budgeting. Life happens,” he says. “There are things that are out of our control and we have to accept that.”
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