Money Smarts Blog

If you're anything like me, you've probably lost sleep over debt, whether it’s credit card bills, surprise medical expenses, or, oh hey, student loans. You know money is way more than just numbers on a screen. The presence of (or, let’s be real, the lack of) money can stir up some serious emotions, and sometimes, that stress can even mess with our mental health. Hello, anxiety.

I recently came across some stats about money and mental health, and honestly, it really hit home. It also made me feel a little better, knowing I’m not alone in dealing with this kind of stress.

• Money is a huge source of stress for a lot of us. It’s the number one factor negatively impacting mental health for 52% of U.S. adults, more than worries about our own health (42%) or current events (41%). I
• A lot of us are constantly stressed about money. In fact, 56% of people who say it impacts their mental health feel that way at least once a week (up from 52% last year). And 29% of us are worrying about money every single day. It’s tough, and I can really relate to that constant weight.
•  Inflation, rising interest rates, and job insecurity are major stressors right now. 82% of people who say money affects their mental health point to these factors, with 68% blaming inflation and rising prices, 31% pointing to interest rates, and 29% worried about job stability.

It’s no surprise that these issues are taking such a toll. And honestly, it doesn’t seem like it's going to let up anytime soon. So, let’s talk about how we can tackle both our mental well-being and money stress head-on.

• Financial therapy: If money struggles have been weighing on your mental health, financial therapy could be a real game-changer. It’s all about changing the way we think about and manage money. There’s such an emotional connection to finances, so working on a healthier relationship with money is key. I found the Financial Therapy Association to be an awesome resource for connecting with professionals who specialize in this.
• Build a support system: Even though there’s still some stigma around talking about money and mental health, I’ve found that opening up to friends or coworkers can really take some of the pressure off. Having a solid support system makes you feel less alone, and they can help you stay on track with your savings goals. It’s all about having people who’ve got your back.
• Financial health checkup: Meet with one of our certified financial coaches for personalized tips and tools to help you hit goals like building credit, buying a home, or even retiring early. It’s an easy way to check in on your money and map out next steps for financial success. Plus, it’s totally FREE!
• Debt management: If debt is stressing you out, our partners at GreenPath Financial Wellness – a nonprofit financial management organization – offer free access to money management and financial education services. They’ll provide personalized plans, whether you’re building credit, creating a savings plan, or avoiding foreclosure.
• Free support from your workplace: Take a look at your benefits package to see if you have access to an Employee Assistance Program (EAP). These services are free and confidential, offering mental health counseling and financial coaching. EAPs can also connect you with professionals who can help with other things, like finding caregiving support for a family member or even a lawyer if you’re dealing with something like a divorce. It’s definitely worth checking out!

If you're anything like me, you've probably lost sleep over debt, whether it’s credit card bills, surprise medical expenses, or, oh hey, student loans. You know money is way more than just numbers on a screen. The presence of (or, let’s be real, the lack of) money can stir up some serious emotions, and sometimes, that stress can even mess with our mental health. Hello, anxiety.

I recently came across some stats about money and mental health, and honestly, it really hit home. It also made me feel a little better, knowing I’m not alone in dealing with this kind of stress.

• Money is a huge source of stress for a lot of us. It’s the number one factor negatively impacting mental health for 52% of U.S. adults, more than worries about our own health (42%) or current events (41%). I
• A lot of us are constantly stressed about money. In fact, 56% of people who say it impacts their mental health feel that way at least once a week (up from 52% last year). And 29% of us are worrying about money every single day. It’s tough, and I can really relate to that constant weight.
•  Inflation, rising interest rates, and job insecurity are major stressors right now. 82% of people who say money affects their mental health point to these factors, with 68% blaming inflation and rising prices, 31% pointing to interest rates, and 29% worried about job stability.

It’s no surprise that these issues are taking such a toll. And honestly, it doesn’t seem like it's going to let up anytime soon. So, let’s talk about how we can tackle both our mental well-being and money stress head-on.

• Financial therapy: If money struggles have been weighing on your mental health, financial therapy could be a real game-changer. It’s all about changing the way we think about and manage money. There’s such an emotional connection to finances, so working on a healthier relationship with money is key. I found the Financial Therapy Association to be an awesome resource for connecting with professionals who specialize in this.
• Build a support system: Even though there’s still some stigma around talking about money and mental health, I’ve found that opening up to friends or coworkers can really take some of the pressure off. Having a solid support system makes you feel less alone, and they can help you stay on track with your savings goals. It’s all about having people who’ve got your back.
• Financial health checkup: Meet with one of our certified financial coaches for personalized tips and tools to help you hit goals like building credit, buying a home, or even retiring early. It’s an easy way to check in on your money and map out next steps for financial success. Plus, it’s totally FREE!
• Debt management: If debt is stressing you out, our partners at GreenPath Financial Wellness – a nonprofit financial management organization – offer free access to money management and financial education services. They’ll provide personalized plans, whether you’re building credit, creating a savings plan, or avoiding foreclosure.
• Free support from your workplace: Take a look at your benefits package to see if you have access to an Employee Assistance Program (EAP). These services are free and confidential, offering mental health counseling and financial coaching. EAPs can also connect you with professionals who can help with other things, like finding caregiving support for a family member or even a lawyer if you’re dealing with something like a divorce. It’s definitely worth checking out!