Financial anxiety is more common than you think.
Around 25 million UK employees are affected by money worries, with around 1 in 5 worrying about their finances most weeks.
Potential causes include changes to working hours and experiencing job insecurity or redundancy. These financial worries can cause stress and anxiety to many, also called financial anxiety.
Financial anxiety can have a negative impact on your mental health and your life, both at work and at home.
Financial anxiety is more prevalent following the Covid-19 pandemic as well as ongoing global affairs. Worries are linked and associated with the increase in living costs and the changes that it forces many of us to make.
Are you constantly worrying about your finances?
Financial anxiety does not necessarily mean that your bank account is not a healthy one.
It could be concerns regarding your hours worked and your wage is simply not keeping up with the costs of living. Other areas of worry may be about your mortgage and the monthly outgoings, or maybe you have had a major unexpected expense.
Be mindful of your mental health as this can also affect how you deal with and organise your finances.
The link between mental health and finances
The link between mental health and finances can affect you both mentally and physically. Struggling financially and experiencing money worries can affect your mental health and create a viscous circle. Here are a few signs to look out for.
- Anxiety
- Trouble sleeping
- Affecting relationship and social life
- Feeling stressed and worried about money
- Feeling tired and exhausted
- Easily irritated.
- Aches and pains
Are you finding it difficult to talk about money and how it makes you feel?
Having trouble discussing your financial health can cause conflict in relationships. Being unable to use your support network for help can be detrimental to our mental and physical health. Key things to look out for in both yourself and others include.
- Heart disease
- High blood pressure
- New onset diabetes
- Depression
- General Anxiety Disorder
Our top tips for helping yourself, your friends and family.
- Encourage professional help
- Stay active and exercise
- Be mindful of your diet and hydration
- Do breathing exercises and mindfulness activities
- Listen to calming and relaxing music
- Try and keep to your routine.
- Talk to your friends, family, and colleagues.