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Money and Mental Health

Authored By: Tyler Stevenson on 5/16/2024

For many, the mere mention of the word “money” sparks feelings of stressed anxiety. At the same time, living a financially responsible life can help one maintain optimal mental health. With May being Mental Health Awareness Month, this is the perfect time to take a look at the connection between money and mental health.

How do financial struggles impact mental health?

There are lots of ways money troubles can influence our mental health:

How does financial stability impact mental health?

Now, let’s explore how financial stability can impact one’s mental health:

Debt and mental health

Research shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts. If you are struggling to escape from debt, consider consolidating your debt with a personal/unsecured loan so you only have one low-interest (and maybe lower) debt payment to make each month.

Managing your finances for improved mental health

Here are ways you can improve your financial and mental health:

By managing your finances and seeking help when needed, you can improve your mental health and overall well-being.

If you or someone you know is struggling or in crisis, help is available. Call or text 988 or chat online at 988lifeline.org.

Looking for more ways to improve your finances? Check out our Financial Resource Center, try out our Financial Calculators, or head back to our blog for more helpful articles.

Want to talk to someone about getting your finances in order? Visit one of our branches to speak with a Member Service Representative.

Does your business, school or organization need some help getting financially fit? Contact Jessica Menor to learn more about our financial wellness packages.

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