Approximately 20 percent of adults are impacted by mental illness.1 If you, or someone you know, is struggling with their mental health, you may find financial health suffers as well. Why? Because there’s a direct correlation between mental wellness and financial wellness. In fact, one study found that almost half of all people with debt problems also have mental health problems.2 Here’s an explanation of how health and wealth can often go hand-in-hand.
Avoidance of Problems
Money is the most common source of stress amongst adults.3 Therefore, it makes sense that dealing with bills, debt and budgeting is stressful. If you’re already feeling unwell, avoiding additional stress is understandable.
The problem is, avoiding your financial obligations won’t make them go away. And in many cases, it can actually make them worse. The temptation to push aside bill paying or phone calls to the credit card company is strong, but tackling these tasks on time or right away can create long-term relief.
Feelings of Hopelessness
When your mental health is struggling, it can be hard to think long-term. If you feel as though you’re losing control of the things around you today, what’s the point in trying to work toward future goals? Feelings of hopelessness can occur, and they can make long-term financial decision-making really tough.
Going hand-in-hand with loss of control is the urge to spend. When everything else seems to be spiraling, making a purchase can feel like something you actually have control over. The problem is, of course, this can lead to impulse buying - which can wreak havoc on your budget and increase debt. And with a lack of focus on facing your financial situation head-on, this could create a harmful cycle of spending more than you have while neglecting to address the accruing debt.
If your mental health is suffering, you’ll notice your energy levels decreasing as well. Fatigue, trouble sleeping and lack of focus can all be common symptoms of declining mental health or stress. With what energy you do have, it’s likely you don’t want to spend it on your financial obligations. But your financial wellbeing requires action and focus, especially if you are faced with a large amount of debt or a substantial long-term savings goal.
Hard to Think Clearly
When you’re not feeling your best, making sound, rational decisions can be challenging. Your judgment may be clouded by how you’re feeling right now, meaning it’s tough to try to think about your future - especially your financial future.
It’s likely the events of this past year have challenged your mental health in some way, and it’s okay to not always be okay. If you’ve found that your financial wellness may be suffering as a result of your mental health, reach out to your trusted financial partner. They can help keep your spending and saving on track today while encouraging healthy financial habits that keep your long-term goals a priority.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action. Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy Services offered through Kesler, Norman & Wride, LLC dba Ascend Investment Partners, a Registered Investment Advisor. This message and any attachments contain information which may be confidential and/or privileged and is intended for use only by the addressee(s) named on this transmission. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are notified that any review, copying, distribution or use of this transmission is strictly prohibited. If you have received this transmission in error, please (i) notify the sender immediately by e-mail or by telephone and (ii) destroy all copies of this message. If you do not wish to receive marketing emails from this sender, please send an email to firstname.lastname@example.org Please note that trading instructions through email, fax or voicemail will not be taken.
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