17.2 C
Cape Town
Saturday, March 15, 2025

Is your financial situation taking a toll on your mental health?

Published on

 

 

As we mark World Mental Health Day, the link between finances and mental health is being thrust into the spotlight.

 

 

It’s no secret consumers have been battling with the heightened cost of living, especially in recent months when the price of food, among other items, has soared. The 2023 Money Stress Tracker poll by Debtbusters has revealed that 78% of respondents who are stressed about money stated it’s damaging their personal life, 78% their professional life, and 77% their health – a strong sign that money stress leads to other sorts of stress.

 

 

It’s understood those in debt have higher rates of mental health issues like depression and anxiety compared to those who are debt-free. Furthermore, they are more prone to struggling with their physical health as the stress associated with money can also cause headaches, stomach aches, migraines, heart disease, diabetes, and sleep problems.

 

 

1Life money coach and facilitator, Hayley Parry says this results in a domino effect:

 

 

“When you’re stressed about money, it’s going to have a knock-on effect. We know for a lot of people it means they lose sleep at night, and this in turn can also impact physical wellness. So, stressing about your finances is something that is going to affect many different facets of your life.”

 

 

She says there’s never been a more crucial time to prioritize financial planning:

 

 

“You need to ensure that you are managing your money well, on a daily, weekly, and monthly basis. That means you’re on top of your budget. You’ve got an emergency fund in place and, critically, you are making a profit from your salary each month. That means you’re spending less than you earn.”

 

READ MORE: Consumers at their wits’ end following fuel price hike

 

Lizell Persens
Lizell Persens
Lizell is a Cape Town-based news anchor, reporter and transcriptionist. She has been a journalist for the past 10 years, and started her career as a TV producer. The avid reader enjoys writing poems, fast cars, music, travelling, and exploring new food.

Latest articles

‘It’s hard to see any other country being able to compete with us’, says former Springbok Joel Stransky

    While Springbok and Stormers rugby star Sacha Feinberg-Mngomezulu eyes his return to the rugby field, former Bok and world cup winner Joel Stransky has...

JUST IN: City of Cape Town law enforcement officer dies by suicide while on duty

    The City of Cape Town's Safety and Security Directorate has lost another one of its own, after a law enforcement officer turned his gun...

Cannabis Industry fuming over sudden ban on edibles

    Cannabis industry leaders are fuming after the sudden and unexpected ban on cannabis and hemp-derived edibles. This comes after the Department of Health backpedaled...