22.9 C
Cape Town
Wednesday, November 29, 2023

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

Missing mentally-challenged teen from Hermanus sought

    In the Overberg region, Hermanus Police are calling on the public for assistance to locate a missing 14-year-old mentally-challenged boy.   Sebelo Dipholo disappeared last week...

Women’s Centre launches free outdoor gym in Steenberg

    An anti-Gender-Based Violence organisation in Steenberg has launched a free outdoor gym for women to exercise safely. The Steenberg area, which neighbours Cafda, Retreat and...

Brackenfell cops search for missing mentally-challenged woman

    Authorities in Brackenfell are calling on the public for assistance to help trace a missing mentally-challenged woman, who was last seen at the Bellville...