The American Psychological Association recently ran a survey. As of March 2022, 72% of Americans report stressing about money at least some time in the prior month.
Research has shown that finances are the number one cause of stress. According to a FINRA report, the mental health impacts of money aren’t equitably experienced. Anxiety about personal finances disproportionately impacts certain communities. Like women, people from under-resourced or low-income communities, and communities of color. 카지노사이트
In fact, 65% of women feel anxious about their personal finances compared to 54% of men. Women, young adults, those who are low-income, and those who are unmarried or unemployed are most financially anxious.
There’s a big problem when it comes to mental health and money. It’s a complex relationship, one with many contributing factors that might feel totally out of your control. You might not notice how money and mental health have impacted you yet. But it could be influencing your decisions, your physical health, and even your behaviors.
I’ve personally experienced the mental health impact of financial stress and well-being. At one point in my life, I was working three jobs to cover my rent and expenses—and it still wasn’t enough. I found myself relying on my credit card more than I wanted. Now, I’m on my own journey to financial wellness. It’s taken years of learning and behavior changes to get here but it’s possible.
If your mental health is negatively impacted by money, you’re not alone. You’ll learn how mental health and money impact your well-being. You’ll learn how your mental health can impact your decisions and relationships with money. But you’ll also learn ways to reduce the impact of money on your mental health.
How does money affect mental health? 안전한카지노사이트
So, how does money affect mental health? In more ways than you may think. At its heart, money can cause an incredible amount of stress. When humans experience stress, the mental health impacts ripple from there.
Stress and worry about money impact those living with depression and anxiety. Stress about money can exacerbate existing mental health conditions. But it can also contribute to developing other mental health conditions, from your mood to your emotional health. Financial stress can negatively impact self-esteem and confidence.
Mental health and money statistics
Here’s what we know from research and science. The Money and Mental Health Policy Institute have conducted studies on the relationship between mental health and finances.
How does money affect human behavior?
It’s surprising the impact money can have on human behavior. But according to researchers, money has a significant influence on how we think, act, and behave.
Science tells us that money (or lack thereof) shapes our sense of morality. One study found that luxury cars were four times less likely than less expensive vehicles to allow pedestrians to cross at crosswalks. Luxury vehicles were also more likely to cut off other drivers, a sign of wealth and entitlement.
Multiple studies show a connection between money and empathy. Some research found that people of lower economic status were better at reading facial expressions than wealthier people. This is an important marker of empathy.
It’s also shown that wealth is linked to addiction. Money itself doesn’t cause substance abuse. But studies have found that wealthy children are more vulnerable to substance abuse issues.
When we think about human behavior, money plays a big role. It shapes how we think, feel, and act — for better or for worse.
How mental health can impact your finances
Just like money impacts our behavior, your mental health can also impact how you handle your finances. Here are four ways mental health influences your relationship with your finances. 카지노사이트 추천
Mental health can contribute to your mismanagement of money
Mental health conditions can make it harder to control your spending, pay bills, or budget appropriately
Certain mental health conditions can sometimes result in impulsive behavior
If you’re experiencing mental health issues, it’s important to factor financial wellness into your well-being plans. Talk with a trained mental health professional or doctor about ways you can seek support.
Understanding your relationship with money
It took me a while to understand my relationship with money.
To this day, I still don’t fill up my gas tank all the way, despite the fact that my bank account is able to afford a full tank of gas. It’s a habit and limiting belief that I’ve carried into adulthood from my childhood. My mom always used to keep $5 or $10 in the glove box for gas. Somehow, I internalized that I only put small amounts of money into my gas tank at a time — just in case I needed money for something more important.
And while I know that I’m in a position where I can afford to fill up my gas tank, I still tend to only fill it around halfway. I never let the tank click full.
Do you understand your relationship with money? There are lots of factors that can influence your relationship with money. From your socioeconomic background to debt to even how your parents talk about finances, it’s a tough nut to crack.
But it starts with being open and honest with yourself about where you’re at. Without that level of vulnerability to recognize your current state, you won’t be able to make any positive changes.