According to Enrich.org, “A Northwestern Mutual study found that 44 percent of Americans said financial problems were their top stressor, with more than one in four feeling depressed about the economy at least once a month and two in 10 feeling depressed weekly, daily or every hour.“
Whether it’s swiping a card or handing over a paper bill, people are affected daily by the economy. The road toll is not just in your bank account. Major effects include physical and mental health symptoms, negative consequences in the workplace, and developing a vicious cycle that promotes these negative effects.
According to WebMD, “if your financial well-being is low and you have high financial stress, you are twice as likely to have poor general health. Experts found that you are four times more likely to develop any kind of condition.“
| Effects on physical health | Effects on mental health |
|
|
A survey on money and mental health of almost 5,500 people with mental health problems found that even when they are not feeling well:
- 93% spent more than usual
- 92% found it more difficult to make financial decisions
- 74% put off playing bills
- 71% avoided dealing with creditors
- 56% took out a loan that they otherwise would not have taken out
Tips for better financial wellness, according to HelpGuide.org:
https://www.helpguide.org/articles/stress/coping-with-financial-stress.htm
- Tip 1: Talk to someone
- Get professional advice
- Open up to friends and family
- Tip 2: Take stock of your finances
- Include every source of income
- Keep track of ALL your expenses
- List your debts
- Identify your spending patterns and triggers
- Be sure to make small changes
- Eliminate impulse spending
- Take it easy on yourself
- Tip 3: Make a plan – and stick to it
- Think of a solution
- Put your plan into action
- Monitor your progress
- Don’t let setbacks derail you
- Tip 4: Create a monthly budget
- Include everyday expenses in your budget
- i.e. groceries, gas, rent/mortgage, tools, clothes, etc.
- Remember annual expenses
- i.e. car insurance, property tax etc
- Unexpected/variable expenses
- i.e. healthcare costs, car repairs, etc
- Prioritize your expenses
- pay the essentials first, like paying the utility bill and buying groceries. Once those are covered, figure out where the rest can go, such as debt payments, entertainment, etc.
- Start an emergency fund
- start building up to a month’s income
- Get help from your spouse, partner, children
- Include everyday expenses in your budget
- Tip 5: Manage your overall stress
- Exercise
- Practice relaxation techniques such as meditation and yoga
- Improve your sleep
- Eat a balanced diet
- Increase your self-esteem
- Practice gratitude
Contact our own strategic well-being consultant, Taylor Hahn, to discuss next steps as many of our other employer groups have found this to be a successful approach.
