Studies throughout the world show that money problems and mental health are linked.
In many countries, young adults are found to be most likely to experience mental health or wellbeing issues linked to money.
Money worries can affect a person’s mental health, and a person’s mental health can affect their finances, resulting in a cycle that can be very difficult to get out of.
Money worries can affect your wellbeing at any time in your life, whether or not you've started to work and are earning an income. If any of the following behaviours seem familiar to you, then it may indicate that money is affecting your health and wellbeing:
If any of these behaviours affect you, then the longer you leave them, the more they can affect your mental health. If you can, talk to your doctor. They may be able to recommend counselling or other support. Alternatively, you could contact a charity that specialises in mental health issues.
When your mental health and wellbeing is affected by money problems and worries, it can lead to a range of addictive behaviours, some of which aren’t easy to spot yourself.
They can include:
If you keep gambling, even when losses begin to take a toll on relationships, finances or your career, then you have an addiction. It may leave you in serious debt, as well as affect your physical and mental health. You may consider seeking professional help to tackle your addiction, but as a first step you may find that your bank offers ‘gambling blocks’ that let you turn off gambling transactions on your bank cards. Speak to your bank to find out what they offer.
Addictive behaviours take many forms. Online and mobile gaming can seem like harmless fun, but young people in particular are at risk of addiction through in-app purchases and video game add-ons on their phone or other mobile devices.
Borrowing money, or using credit, for an investment might seem like a good idea, especially when interest rates are low. However, it is high risk, because there’s a chance of losing your investment, but you will still have to pay for the credit you have borrowed.
Talking about your money worries isn’t easy, but it may really help. If you don’t feel able to talk with your spouse or partner about financial difficulties, or how they're affecting your health, try talking to:
If a particular money issue is affecting you, like a loan or payment that you can’t pay, then talking about it with your bank or financial provider can be a good place to start. They may be able to help, for example by consolidating your debts, or extending the period of a loan.
