“I was only just making ends meet because I couldn’t work, so things were difficult financially for a while. Having enough money actually does help when you are managing a mental illness. It’s one less thing to worry about.”
Mental health and financial safety are strongly linked. Experiencing a mental illness can add to financial stresses, and financial stresses can add to a mental illness.
Financial safety can bring security and peace of mind. Combined with leisure time and fun activities, it can have a positive effect on wellbeing. Being able to work and pay bills regularly can ease pressure, though not everyone is able to do that.
Mental health and financial woes are related. However, those who are well off are not all mentally well, and all those who are disadvantaged are not depressed or anxious. The way we view our financial situation is what impacts our mental health. Even someone who is regularly paying off their debts may have constant feelings of mental and emotional distress around personal finances.
Some signs that financial stress is affecting your mental wellbeing include: arguing with the people closest to you about money, having trouble sleeping, feeling angry or fearful, mood swings, tiredness, loss of appetite, and withdrawing from others. Addressing financial problems early on can reduce their impact on mental health.
We have more information on feeling safe, stable, and secure that you may find useful.
A closer look
Financial concerns are very common in Australia
Whatever your history with finances, managing money can be learned
Financial illiteracy is the main underlying cause of financial stress
The main causes of financial issues for patients are known
You might find online and phone-based mental health resources helpful. Some suggestions are below. You can find more with our Search tool.