Global Health Aging

Money stress is one of the most destructive a person can experience. It contributes to severe mental health issues, desperation, and even shame, any of which lower your wellness. There are also other issues, such as delaying healthcare and increasing bad habits like smoking.

There is a Marked Impact on Mental Health

There is a strong correlation between money and mental health. Having money can help you feel a sense of security, which benefits you when you are doing well. But with existing mental health issues, the feeling of stress from worrying about money makes matters worse. Services at horanwealth.com can help you get your finances back in order. You may need this since when you live with debt and money worries, you are likely to experience mental health issues. 

Money Stress Leads to Poor Healthcare

Everything costs these days, and unfortunately, that also includes essential self and healthcare. Unless you live in a country with a health service, such as the UK or Canada, health costs can be too much to even consider. One survey from 2018 by Gallup found that almost 30% of US citizens put off essential medical care because the costs are too high. With the COVID-19 pandemic and the current cost of living crisis, we can assume this is now much higher.

There is a Snowballing Effect

It can feel like there is no way out when the oppression of not having enough money weighs heavily on your back. It can also be hard to break the cycle that can occur. Money problems lead to more financial issues, and this forms a pattern that has severe health implications. In a downward spiral, you can borrow more than you can pay back just to keep going, incurring more debt. Then, you don’t pay back debts and get charged more, impacting your mental well-being.

Strong Emotional Feelings

The mental and emotional link between society, your mind, and money has been well-established with some thorough research over the years. Some feelings often include:

• You can feel guilt when spending money that you know you really don’t have.
• Extreme anxiety can come from not wanting to even look at your bank balance.
• Shame is often placed on people who need to ask for financial support.
• Dealing with money issues such as bills can make you feel tired and worn down.
• Having to support kids and partners can place a great deal of stress on a person.
• Great stress can occur when you feel utilities or food insecurity at home.

Even in 2023, there is still a lot of pressure to provide for your family and a societal implication of shame when you cannot. Any of these are a menace to your overall sense of wellness.

Anxiety Increases from Bad Finances

Stress and depression are established symptoms of worrying about money. But anxiety also plays a key role and can be a destructive force in someone’s life. Anxiety over money can be triggered by various things, such as worrying about losing a job, making bad financial decisions, and simply not having enough for a better quality of life. As the cost of living and energy keeps rising, with wages stagnant, anxiety about money issues can feel worse than ever right now.

Bad Habits Stem from Money Stress

Poorer people are often judged based on their lifestyle, which appears destructive to someone on the outside. “Why not just quit smoking and drinking?” Well, only people who have never worried about money really say that. There is a link between harmful habits and low income. Studies have found that low-income men are 2.5 times more likely to continue a bad habit such as smoking than men from affluent backgrounds. This is simply a bad way to deal with stress.

The Shame of Financial Trauma

As mentioned, there is a certain shame that is placed upon people with no money from a societal perspective. But what about the shame that comes with financial trauma? Financial trauma is a mental scar that can occur following an event specifically related to money. This includes costing money such as high medical bills, a loss of assets after affluence, and even having too much money. Shame comes in many forms and quite often takes no prisoners.

Summary

Your mental health can be impacted pretty badly by money stress. This can also mean you put off the medical care you need as you worry about having enough. Following these, there is a snowball effect tied to guilt, shame, and anxiety, any of which lead to bad habits like smoking.