Debts and mental health

Debts and mental health

In the case that we have just described, we can see how money can generate pleasant or unpleasant emotions, depending on whether or not it is available. But this happens at different scales, since nobody is immune to the state of their finances affecting them in aspects of their daily lives that are not directly related to the economic.

A 2016 study called Money on your mind , which consisted of surveying 5,500 people and asking them about their debts and mental health, showed that 86% of respondents said their financial situation made their mental health worse. Similarly, 72% indicated that, on the contrary, their mental health problems caused their financial situation to become even more serious.

Although to say that money gives happiness is a banal assertion, if we think about the well-being, tranquility and security that healthy finances offer us, then it makes sense. In the same way, not having this resource generates frustration because of the impossibility of covering basic needs, as well as leisure and social expenses.

How to know if your debts are affecting your mental health?

How to know if your debts are affecting your mental health?

A complicated financial situation can cause problems of stress, anxiety and depression. We have even heard of cases where people have thought about ending their lives as a solution to the debt problem. Remember that depression is generated by focusing too much on a single problem without the possibility of finding a true solution or having clarity of the situation.

Isolation is another way of manifesting a complicated condition. People who are in a vulnerable economic situation tend to avoid meetings with friends or family because they feel ashamed, they prefer to avoid the issue by stopping attending events that somehow make them face their reality, causing them greater discomfort.

While the aforementioned studies indicate that having no money affects the physical and mental health of people, these consequences also affect the ability of people to maintain a healthy financial life.

Working to prevent both is a great responsibility. But when the situation becomes present, the important thing is to seek help as soon as possible . It can be a psychologist, a psychiatrist or therapist with whom you work together to glimpse the problem and find tools to deal with it better.

At the same time, you can seek financial advice to solve your debt problem. Sometimes, the education of our finances is not a concern until we are immersed in a problem caused in large part by a bad administration. Therefore, having the opinion of expert advisors can be a great step. In the same way, you will not face only that complicated process that is to leave debts aside.

Once you have addressed the situation, both personal and financial, the most important thing is that you do not stop doing things that make you feel better. Exercising, hanging out with your friends or family, can help release stress and anxiety. You can also look for activities that represent extra income or work on a project to take care of and improve your financial situation .

Debt and mental health recommendations

Debt and mental health recommendations

  • Good financial planning helps to be clear and feel better about your finances (regardless of whether or not you are in debt).
  • Avoiding the problem will only make the situation worse. You could be vulnerable to fall into addictive attitudes or acquire vices that only harm your life and those around you more.
  • It is best to receive financial advice to know the solutions you can find to your debt situation.
  • Seek psychological help. If the situation has already reached a level where you keep thinking about it and disable you to find a solution .
  • Share what you think and feel with trusted people , this will make you feel better and you will probably realize that there are other individuals who are in the same situation.
  • Do not use the money to feel better. In the same study of money on your mind , 93% of the participants responded that they spend more when they feel bad. They take credits or cards they don’t want or need or buy goods and services they can’t afford, generating guilt and anxiety.
  • Your physical and mental health are your responsibility , take control of both and seek help. It’s hard to find a solution when you’re just fighting it.
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