How do money worries and mental health affect each other?

There’s a strong relationship between money worries and mental health. If you’re struggling with your mental health, it can make managing your finances harder – and if you’re worrying about money, it can take its toll on your mental health. It can be a vicious cycle, and money problems can spiral out of control, but for many people it can feel too overwhelming to face the problem head-on.

There are many ways that your money concerns and mental health could have an impact on each other, such as:

If you have to take time off work, or can’t work at all, your income may be reduced or stop altogether.

You may spend money on things that you don’t need to make yourself feel better, but then regret it. This can be especially common in people who experience mania or hypomania, as it can lead to impulsive decision-making.

You may feel anxious about opening bills, going to the bank or talking about your finances.

You may be struggling to make your income stretch to cover your essentials or things that keep you well, such as housing, food, heating or medication.

You may put off making any kind of financial decisions because you feel so anxious about making day-to-day choices about your finances.

If you’re feeling low, you may lose the motivation to stay on top of your finances.

If you are in debt or dealing with the benefits system, you may be worried and anxious about the future.

Being in debt or spending money may cause stress and anxiety even if you actually have enough money.

Having money problems can have a negative effect on your social life and relationships, which can make you feel isolated and depressed.

The relationship between mental health and money is complicated, and it affects everyone differently. If you’re struggling to stay on top of your finances, it can be such a difficult subject to talk about, but getting help earlier on can help you get back in control.

Talking it through with someone you trust, such as a family member, friend or health professional can help to ease the burden.

If you struggle with anxiety, or have had bad experiences of talking to finance advisors, you may be reluctant to seek professional advice. Although talking about money problems or reaching out for help isn’t always easy, talking to a professional can be a real relief, and there are advisors trained in all aspects of personal finance who can offer support – Mind has lots of useful contacts that can help