This archive report was first published on 6 November 2019.
Research has consistently shown that financial struggles can have a profound impact on mental health. In fact, a recent study found that individuals with depression and anxiety were three times more likely to be in debt.
Amy Morin, author of 13 Things Mentally Strong People Don’t Do, notes that poorer mental health can take a toll on one's financial situation. This is due to several reasons, including the feeling of being out of control, which can lead to a loss of hope for a bright future and hinder saving plans.
Depression can also lead to impulsive buying, as individuals may seek temporary relief through material possessions. As Morin explains, 'Buying something right now, whether it's a new pair of shoes or a car you can't afford will give you monetary pleasure. But there's a good chance it can create more financial distress in the long term.'
Furthermore, poor mental health can decrease energy levels, making it more challenging to tackle tasks and engage in activities that promote mental well-being. Additionally, individuals may avoid planning and decision-making, exacerbating the cycle of financial struggles.
Fortunately, Amy Morin emphasizes that mental health can be improved by taking care of one's body, socializing with supportive people, and engaging in leisure activities.
Published on November 6, 2019.
