#BellLetsTalk: Finances and Mental Health

There has long been a stigma related to mental health issues. However, attitudes in Canada have been changing for the better over the last five years.

The #BellLetsTalk initiative has done a great deal to raise awareness of mental health issues in Canada and reduced the stigma surrounding mental illness. Today, for every text message sent, every mobile & long distance call made, every #BellLetsTalk tweet, and every share of the #BellLetsTalk Facebook image, Bell will donate 5¢ to mental health initiatives.

Here at LowestRates.ca, we are especially interested in the link between finances and mental health. Your mental health situation can impact the way you manage money – and your financial situation can affect your mental health. In fact, a review and meta-analysis of dozens of studies, published in Clinical Psychology Review, indicates that there is a correlation between mental illness and financial problems. Understanding the connection can be one way to change the way we view those with money problems, leading us to be more supportive.

Debt and Financial Problems Can Lead to Mental Health Issues

Financial problems cause stress and anxiety. Growing credit card debt can weigh on a consumer, and other financial stressors can also impact your peace of mind. Job loss or a reduction in hours can mean stress as bills pile up and you try to meet your obligations.

There are links between depression and financial stress. Not only that, but the mental health issues associated with money-related stress and anxiety can also affect relationships with others. Fights with significant others and irritability with children can lead to negative family outcomes. This only adds to the mental health issues. It’s possible to develop a mental illness as a result of a difficult financial situation, and the research indicates that suicide completion is eight times more likely to occur in people who are in debt.

Mental Illness Can Make Managing Money Difficult

It’s not just money that can impact mental health. In many cases, mental illness can lead to difficulties in financial management. The connection between mental illness and debt is a strong one. Those with mental illnesses are more likely to be in debt, likely due to the fact there are circumstances that make it more difficult to focus on financial management. Additionally, those with mental illness are also at increased risk of substance abuse, which can also impact finances.

Looking at the links between finances and mental health can help us have more empathy, as well as raise awareness for the need for programs and measures to address mental illness.

You can be a part of the conversation by using the #BellLetsTalk hashtag today on social media. Make it a point to learn about the realities of mental illness, and be a part of the movement to reduce the stigma associated with mental health issues. This is important in the arena of finances as well, since the stigma can be magnified when money is involved. Pay attention, be an advocate, and see what you can do to help.