Nov 10, 2018 4:38:55 PM

Financial Health vs. Mental Health

Topics: Mortgage Broker, Financial Health, Health and Wellbeing 0

Your debt may well be costing you more than just the interest you’re repaying! Research shows there’s a clear link between your financial health and your mental health, with some studies reporting a higher risk of mental health problems amongst people who have debt. Having just acknowledged Mental Health Awareness week in October, it’s a good time to remind ourselves of the importance of maintaining good mental and financial health.jeremy-perkins-278351-unsplash

Money worries
According to an annual report undertaken by the Australian Psychological Society, financial issues are rated as the top cause of stress. And, while the triggers of financial stress differ amongst individuals, five key themes have been identified: bad debt, home loans, retirement, supporting the family and budgeting.

Much of this research focused on the physical and psychological toll that money concerns can have on an individual, with clear links to mental and physical health issues, family breakdowns and even substance abuse. What's more, those researching financial stress say the issue is getting worse.

Better Mental Health
When focusing on the importance of good mental health, psychologist Zoe Slater outlines six action steps that everyone can take.

1. Be active – find an activity that makes you smile and laugh.
2. Keep learning - learning new stuff creates new neurological connections in the brain and is said to ward off conditions like Alzheimer’s.
3. Give – your time, your money or something you don’t use but others could.
4. Connect - connecting, feeling safe, listened to, understood and valued is part of group survival.
5. Take notice – slow down and observe your life and those around you.
6. Care for our planet – recycle, re-use and re-think how you can make a difference to our world.

Lastly, many people are not aware of the free financial counselling assistance available to them, but it’s important to know that there is help available should you need it.

And, even if you aren’t experiencing financial concerns at the moment, it’s a good idea to be mindful of both your mental and financial health. By simply recognising the link between debt and psychological distress, you can better monitor your financial health and your mental health.

If you’d like advice around your financial situation – be it debt consolidation or refinancing your mortgage - contact a Mortgage Express broker.

References:
https://www.abc.net.au/news/health/2017-02-10/financial-stress-worrying-ourselves-sick-over-money/8258784
http://www.freedomchoiceacademy.com/zoe-slater-counselling/

Disclaimer:

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA)