The old saying goes, “Money can’t buy happiness,” but losing money does make people sad, scared and even unhealthy.”
Research by the Money and Mental Health Policy Institute has shown a strong link between debt and mental health.
- About half (46%) of people with debt problems also have mental health issues.
- And a majority (86%) who experience mental health problems say that financial situations make their mental health problems worse.
Our Mental Health Habit Builder Toolkit, released in early 2023, is about breaking that cycle and giving people better control over their lives and finances.
While financial literacy won’t make you rich, it can make you much more prepared to take on life’s challenges, contributing to a happier and healthier lifestyle. Our toolkit has practical exercises for alleviating stress factors and reinforcing good mental-health habits.
Because the relationship between financial troubles and mental health is so strong, the toolkit begins with self-awareness. By being mindful and aware of your thoughts and emotions, you can make better decisions and manage finances more effectively.
Mental health and finances are symbiotic; they interact with mutually beneficial or detrimental impact. Unresolved financial stress can hinder your ability to work and, therefore, strain your ability to earn and pay off debt. But reversing that cycle and practising good mental health habits can turn the tide, helping you build financial resilience and lessen the chances of losing money in the long term.
From breathing and stretching to giving yourself new skills goals, the toolkit maps out 30 days of good mental health habits for developing the discipline, consistency and commitment needed for making a positive change in your financial habits.
It’s important not to be ashamed of challenges with money. By addressing mental health issues and building good mental health habits, our toolkit aims to give you methods for managing financial stress so you can make better financial decisions. It can benefit anyone looking to improve their financial sensibility, security and well-being.
Read more about the Mental Health Habit Builder Toolkit here.