Money and Mental Health: The Connection Between Financial Stress and Mental Health Challenges

Money, it's the lifeblood of our modern world. It's not just about material possessions; it's the very foundation upon which our lives are built. But what if money isn't just a matter of numbers and transactions? It's a force that can profoundly impact our mental well-being. In this article, we'll dive deep into this intricate relationship between money and mental health, all while maintaining a trauma-informed perspective.

Imagine a pyramid – that's Maslow's Hierarchy of Needs. At the base, you've got the essentials: food, shelter, healthcare. Money, or the lack of it, can either be a stairway to these necessities or a locked door. Without the means to secure these basic needs, it's nearly impossible to focus on loftier aspirations like belongingness or self-esteem. The stress stemming from financial instability can hinder our journey toward self-actualization, the pinnacle of human needs.

When the doors to accessing the essentials are closed, we have to confront a sobering fact: farmer suicides. In many parts of the world, including India, where agriculture is a lifeline, farmers are trapped in an unending cycle of debt. Unpredictable weather, fluctuating crop prices, and the soaring cost of farming inputs lead them into a financial abyss. Some farmers see no way out, and they tragically end their lives. This serves as a stark reminder of how severe financial strain can have devastating consequences.

Moving our gaze to the urban Indian job market, we find individuals battling mental illnesses facing formidable challenges. Employers might be hesitant to hire or retain individuals with conditions like depression, bipolar disorder, or anxiety. Concerns about their job performance or misperceptions about potential workplace issues loom large. The outcome? People with mental health conditions often grapple with unstable employment, which, in turn, leaves their financial stability hanging by a thread.

Let's look at the ways in which different mental health conditions might affect finances.

Generalized Anxiety Disorder and the Anxious Wallet

It's like a never-ending worry machine, causing distress about everything under the sun. But here's the twist: financial stress cranks up this anxiety. It's a recipe for sleepless nights when you're constantly fretting about paying bills, making ends meet, or dodging surprise expenses. GAD can even lead to avoidance behavior, where people dodge their financial responsibilities altogether, creating a perilous financial whirlpool. And on top of it all, the cost of GAD treatment adds another financial layer to the mix.

ADHD and the financial maze

Attention Deficit Hyperactivity Disorder (ADHD) is another piece of the puzzle. Imagine trying to solve a Rubik's Cube blindfolded - that's what managing finances can feel like for someone with ADHD. Impulsivity and a struggle with organization make financial management a Herculean task. This often leads to impulsive spending, financial mismanagement, and a mountain of debt. In addition to this, a lot of times there’s a loss of property, or additional expenses due to executive dysfunction like- failure to return items that have been shopped online/ missing out on due dates and having to pay fines. It's a cycle that never seems to end. Plus, there's the cost of treating ADHD, another financial hurdle to clear.

BPD: Where Emotions Dance with Finances

Borderline Personality Disorder (BPD) brings emotional rollercoasters into play. People with BPD may engage in impulsive spending in order to address the low moods. These financial troubles intensify the emotional turmoil that defines BPD. It's a complex web, and the cost of BPD treatment becomes an additional financial burden to shoulder.

The Struggle of Empty Pockets: Daily Life and Mental Health

When your pockets are empty, it's not just about the money; it's about your entire daily life. You can't afford the essentials - nutritious food, safe shelter, or even a doctor's visit. It's not just an inconvenience; it's a roadblock. Education also takes a hit. Without money, pursuing higher education or vocational training becomes an impossible dream. Career options and future earning potential take a nosedive. Job security? It's a luxury. Financial troubles often lead to unstable employment or underemployment, which disrupts any semblance of future planning. Socially, it's like you're on the sidelines. Money problems lead to declining social invitations and missing out on life events, breeding loneliness and isolation. Additionally, healthcare access becomes a challenging puzzle to solve. The cost of healthcare might discourage individuals from seeking necessary medical treatment, which escalates health issues and, in turn, emotional distress.

Coping Strategies in Dealing with Financial Instability

But it's not all gloom and doom. Coping strategies can make a substantial difference when dealing with financial instability:

Budgeting:

Create a detailed budget. This helps you understand where your money is going and how to allocate it efficiently, giving you a sense of control over your finances.

Financial Guidance:

Establish an emergency fund, even with small contributions. It acts as a safety net for unexpected expenses, reducing financial stress.

Support Networks:

Reach out to friends, family, or community organizations. They can provide emotional support and sometimes even financial assistance during tough times.

Mental Health Support:

Prioritise your mental health. Seek therapy or counseling if you're experiencing stress or anxiety related to financial instability. Many mental health professionals offer sliding scale fees or free services at Mpower foundation/ Mpower Centre would help.

Employment Assistance:

Explore government programs, job training, and employment services if you're unemployed or underemployed. They can help improve your financial situation.

Financial Literacy:

Educate yourself about personal finance. There are countless resources, from books to online courses and financial literacy programs, that can equip you with the knowledge to make informed financial decisions.

Debt Management:

If you have debts, consider debt consolidation or negotiate with creditors to make payments more manageable.

Self-Care:

Take care of your mental and physical health. Exercise, relaxation techniques, and mindfulness practices can reduce stress and improve overall well-being.

Building Resilience:

Help individuals build resilience by focusing on their strengths and empowering them to take control of their financial and emotional well-being.

Community Support:

Advocate for community programs and services that offer trauma-informed care for individuals facing financial instability and mental health challenges.

So, where do we go from here? The connection between money and mental health is intricate, especially when viewed through a trauma-informed lens. Chronic stress, anxiety, and emotional turmoil from financial instability can lead to the development or worsening of mental health issues. The key is to break free from this cycle, recognizing the impact of trauma and providing holistic support. Reducing the stigma around mental health, providing financial education and support, and improving access to mental health services for those in need are all crucial steps. Understanding the intricate connection between money and mental health can empower individuals to overcome financial struggles and achieve a healthier mind. Ultimately, a sound financial standing, from a trauma-informed perspective, can contribute to a healthier life overall.