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The amount of money in your bank account affects every part of life — from where you can go on vacation to what car you can buy, to how much you can spend on clothes and restaurants and everyday fun. But money also affects people’s mental health.
A lack of money can be stressful. It’s like running out of fuel for your car — having too little money feels like running out of gas and getting stranded on the road of life. Unfortunately, too many Americans are feeling like they’re running out of money and losing confidence in their future.
Let’s look at a few reasons why money is affecting people’s mental health today — and how you can improve your financial wellness for better mental well-being.
Top six biggest money impacts on mental health
A new survey from Jenius Bank (The Mind-Money Connection) found some concerning connections between how people feel about money and their mental health. Money stress is causing a wide range of impacts on people’s emotional wellness.
Here are a few findings from the Jenius Bank survey:
- Over 50% of people feel stressed, anxious, and/or depressed about their personal finances
- 52.8% of people have lost sleep because of money concerns
- 42.5% of people say financial stress has hurt their relationships with romantic partners
- 41.4% feel guilt or hopelessness about personal finances
- 32% of people have headaches regularly because of money stress
- 30.1% of people have had strained relationships with family or friends because of finances
Money problems hinder people’s life plans and long-term goals
If you’re living paycheck to paycheck, struggling to pay the bills, and don’t have enough money in your savings account, it’s hard to feel happy in everyday life or hopeful about the future. The Jenius Bank survey also found that financial stress is making it harder for people to make big plans and achieve traditional life milestones:
- About 54% of unmarried people said that money stress made it less likely for them to ever get married.
- Nearly 25% of people surveyed said that money worries were making it less likely for them to ever have children.
This survey result doesn’t mean that marriage and children are the only way to have a good life as an adult! Lots of people build happy, successful lives while being single and childfree. But if you want to find a life partner and have kids it’s unfortunate that financial stress seems to be holding so many people back from achieving these dreams.
How to fight money stress and restore your mental health
Money stress is all around us. Many Americans feel overstretched financially — underpaid at work and overcharged at the grocery store. But there are many things you can do to regain control of your financial life.
Jenius Bank offers a few tips for how people can achieve a healthier relationship with their personal finances.
Get money smart
Boost your financial literacy. Understanding the ins and outs of credit card debt, bank account fees, and interest rates can help you get a better deal on your financial life.
Schedule face time with your finances
Track your spending. The best budgeting apps (and some bank accounts) can do this automatically for you. Most banks offer helpful mobile apps with online banking tools so you can easily check your account balance, set up online bill pay and automatic transfers, and more.
Address debt strategically
Being debt free was ranked No. 1 in the Jenius Bank survey for people’s definition of what it means to be rich. Debt payoff apps can help you visualize a plan for how to get out of debt faster, and track your progress along the way.
Make saving routine
Every month, every payday, you should try to put some money into a savings account. The best savings accounts can help you make saving automatic by setting up transfers in advance, and by paying higher yields on your cash. Don’t think about it, don’t decide, just do it.
Saving money automatically out of every paycheck can become the most powerful financial move you make. And it happens quietly in the background of your financial life, with your savings growing month after month, year after year.
Bottom line
Financial stress is becoming unbearable for many Americans. But even if you aren’t experiencing money-related headaches or on the verge of breaking up with your romantic partner because of money, everyone can use some tips to reduce financial worries.
Start with a budgeting app to get a clear view of your spending. And consider opening a high-yield savings account to give you extra motivation to save — and watch your savings grow.
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