We live in a paradoxical society. People seem to be obsessed with money. Yet most people don’t talk about money on a personal level. Sure, we read clickbait articles about celebrities and billionaires, but studies find that barely half of all couples regularly discuss their own finances. When they do, the result is quite often an argument.
Obviously, there is a widespread social stigma related to economic issues. This reality can combine with our own personal relationship with money to further complicate things. One big complication is the emotional toll such a stigma can take. For example, people with problem debt are at a much higher risk of mental health problems — and vice versa.
A Few Numbers on Debt and Mental Health
Problem debt describes those who are unable to keep up with debt payments. About 46 percent of people with problem debt report having at least one mental health issue.
– Eighty-six percent of people reported that their insecure financial state worsened their mental health problems.
– People suffering from mental health conditions are nearly four times as likely to be in problem debt. Seventy-two percent of them said their disorder has contributed to making their money situation worse.
– Those dealing with problem debt are at a 300 percent higher risk of suicidal ideation.
The growing stigma surrounding being in debt increases the chances that a person will become more isolated and less likely to ask for help. This is yet another factor in worsening mental well-being.
Addressing the Social Stigma of Money
These are not new or unique problems. Therefore, generational trends must be challenged. Reflexively mimicking how people in the past did things — even if they were part of your family — is not the best choice. To follow are some suggestions for charting a new, productive course:
Steady, Healthy Communication
Break the taboo. Start the conversations and keep them going. The power of the stigma cannot withstand the persistence of steady, healthy communication.
Identify How You Relate to Money
At an early age, we learn how we perceive our finances. Do the work to discover how and why you perceive your personal economics. Make changes wherever needed.
Create a Budget
It starts with the basics. You’ll need to solve a fundamental math problem. How much money is coming in? How much money is going out? Allow this simple equation to guide you.
Set Goals
Don’t leave anything to chance. Visualize and set clear-cut goals. Lay out a practical plan to attain them. Get started but stay open to adapting and adjusting when the situation demands.
Address Your Debt
When setting goals, don’t shy away from debt. Yes, it can be daunting, but reducing and deleting debt is the road to freedom.
Learn From Specialists
You don’t have to become a money expert. Empower yourself. Learn what you can. But also reach out to advisers and coaches who can provide valuable guidance.
Work as a Team
If you are married or part of a family in any way, this can be very meaningful work to tackle together. Collaboration in the name of security is empowering.
Therapy is an Ideal Choice When Suffering an Emotional Toll
Financial advisors can play a useful role. But, most often, your money problems have emotional and psychological roots. Connecting with a counsellor — for couples or individual therapy — is a proven path for recognizing unhealthy patterns. Working together, you can reveal the underlying causes, address them, and try out new approaches.
Remember, you can change your relationship with money. If your financial situation has you stressed all the time, connect with one of our experienced and caring therapists for support.
