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Financial Struggles and Mental Health

Financial Struggles and Mental Health Inspiron Psychological Well Being Centre

Everyone experiences financial struggles at some point in their lifetime… the middle-class office secretary, the BPL breadwinner of the family, the affluent businesswoman, the retired couple, the student entrepreneur… everyone. 

According to decades of data collected by the American Psychological Association (APA), 72% of adults report feeling stressed about money. These financial struggles could develop due to a variety of reasons, some in our control, some totally out of our control. For example:

Inefficient money management habits – overspending, gambling, tobacco, alcohol & drug habits

Impulse shopping (purchasing expensive things on a whim)

Loss of income (job loss, divorce, death of the earning partner)

Unexpected expenses (natural calamities, medical bills)

Identity theft (Fraudulent use of banking details)

While the first two are in our control, the last two are not. But it causes stress either way, and it is important to understand how to deal with it – here is how: There are two types of stress. Eustress and Distress. Eustress is good stress that helps us control our mood and behaviour, so we feel in control. It can help us:

  • Save, keep aside money for the future. 

It may not make us financially privileged, but will ensure we are financially secure.

Distress is when this stress gets overwhelming. It has adverse effects on our physiological and psychological wellbeing, including:

  • Disturbed sleep pattern and diet cycles

According to a study conducted at the University of Nottingham in the UK, people who struggle with debt are more than twice as likely to suffer from depression. Preserving mental health during financial struggles is critical for our welfare. Here is what you can do:

Note: There are courses and YouTube tutorials that offer financial training and tips. It is no surprise that money has been at the top of the list of stressors for almost every year since the APA began collecting data about common stressors, but it is up to each and every one of us to keep our stress in check – and seek help when we need it.

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