Financial health is often related to a person’s mental health. Constant concerns can affect a person’s mental health, leading to a variety of mental disorders; While an existing mental illness may deprive someone of their ability to effectively manage finances.
In the United States, bad financial health is often associated with the accumulation of debt. According to a recent report by the Urban Institute, about 35% of Americans have debts in the collections. A person’s debts, which can be a combination of credit card balances, medical bills, and unpaid services, can negatively affect their mental health.
How the mind and the money are intertwined
While a healthy mind can handle debt effectively, a healthy and intelligent financial situation can bring miracles to mind. Financial problems and challenges can be stressful and worrying, but you can always find a way out or use someone else’s perspective to find a cure.
Financial worries can have the following effects on the brain:
Excessive spending or growing debts can trigger enormous fears despite a healthy bank balance.
Expenditure can temporarily interrupt people who are anxious, but coping with financial crises or debt can increase stress and anxiety in the face of an unknown future.
Simple things in life, such as eating, living or medication planning, can be troublesome in the absence of financial resources, which causes more stress and anxiety.
financial problems can affect relationships and social life, which can negatively impact mental health.
Studies have shown a close connection between suicide and debt. People who commit suicide are burdened with debt eight times more frequently. Moreover, those who are burdened with debt are more susceptible to problems with alcohol and drug use.
What comes first?
Some researchers believe that chronic fear of financial distress and rising debt can increase stress and reduce resilience to certain mental health problems. On the contrary, other researchers see mental health issues as the main obstacles to effective financial management.
Being in debt increases the likelihood of being affected by mental illness, and a mental health problem can increase the risk of significant debt growth and other financial problems due to the inability to maintain a regular source of income.
Although debt is a manageable problem, constant struggles against fear and depression can ruin the ability to find a solution to the financial crisis. In addition, a person in debt will not be able to pay for their mental health treatment.
But no matter what the situation, it is important to deal with financial difficulties and reduce stress, because money problems can have a lasting negative impact on the brain.
Ask for professional help
Every fifth US adult suffers from mental illness every year, according to the National Institute of Mental Health (NIMH). Studies have shown that a significant number of Americans who have mental health problems are also likely to be in debt. Good mental health plays an important role in managing money. It is therefore important to know this connection in order to find effective and personalized solutions.
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