Worries over money can be physically and mentally draining.
Across several studies, one thing is clear: The connection between financial health and your physical and mental health is real.
According to a Money and Mental Health Policy Institute report, there’s a direct link between money problems and mental health conditions like anxiety and depression. Researchers at the Global Financial Literacy Excellence Center at George Washington University monitored focus groups in December 2020 to examine the connection between financial anxiety and stress. They found both to be growing concerns that can trigger unhealthy habits.
Worrying about money can affect you physically. A study published by the National Institute of Health found that ongoing financial stress can have a chronic effect on your body, leading to conditions like high blood pressure, heart disease, sleep problems and gastrointestinal issues. To alleviate this effect, researchers suggested implementing various solutions, including financial education.
Becoming better educated on personal finance basics can help establish good money management skills to either cut down on or eliminate that stress. Here are some steps you can take to become financially healthier:
- Create and manage a personal budget.
- Build a personal emergency fund.
- Pay down consumer debt.
- Plan for significant purchases (car or home ownership) and college for children.
- Set goals.
- Save for retirement.
If your financial situation feels overwhelming, don’t hesitate to seek emotional support and professional help. You can find mental health resources on PASSport, including tips and screenings through Mental Health America, a nonprofit organization that promotes mental well-being. If you’re enrolled in our BCBS PPO Plan, you also can talk with a licensed mental health professional on any internet-connected device for just $25 per visit through Amwell telehealth.
