Financial Anxiety: Signs and Solutions

Written by Manni Sogi, Health and Wellbeing Support

Money isn’t everything, but without the amount we need to support our everyday basic needs we can suddenly find ourselves feeling worried and alone, leading to quite likely anxious thoughts.

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Our income equals our security and peace of mind that we can provide ourselves with a roof over our head, food and warmth. Worry and wondering how we are going to pay for these basic needs can be extremely challenging and have a huge impact on our Mental Health.

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Financial anxiety is something that most of us experience at some point, and many of us will be living with right now, due to the cost-of-living crisis.

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Poor Mental Health can make managing money harder, and worrying about money can make our Mental Health worse. This can be a cycle that without the right levels of support, can create feelings such as increased levels of anxiety.

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Financial anxiety is having an overwhelming fear about income or worrying about future finances. It a major form of anxiety, stress and apprehension for many people.?

Some statistics March 2023:??

• 75% of people say the cost-of-living crisis is impacting their mental health
• ?25% cannot afford social activities that help them stay mentally well?
• 25% of people are having to work more due to the cost of living crisis- therefore less free time?

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Some signs of financial anxiety can include:?

• ?Overworking yourself to make more money and feeling guilty if you don’t?
• Overthinking every purchase you make, you avoid buying things even in an emergency??
• Over analysing your balances in your bank account or actually avoid checking them?
• You hide your financial situation from your family, friends, and partner out of fear they may judge you. You feel ashamed, lonely and isolated?
• You lose sleep worrying about money and so it affects your day-to-day concentration

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Financial anxiety can have a huge impact on our health and well-being. Here are some proactive steps to help you:?

• ?Share your concerns with someone you trust, this can lighten the emotional load. Sometimes you need someone on the outside to make you realise it is not that bad. They may also be going through it and can offer advice.?
• ?Set up a schedule to review and adjust any finances, this will increase your control over your money?
• Consider getting some financial advice. They will listen, help you learn about managing money, create realistic goals and build a personalised plan.??
• Prioritise your mental health. A clear, calm mind can help you manage stressful thoughts. Think about exercise, breathing techniques and getting enough rest.?

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Due to the cost of living crisis, there are added resources available to us at present:?

Read tips about managing money from the Money Saving Expert https://www.moneysavingexpert.com/?

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If you’re a student, speak to student services or your tutor. They could help you apply for extra grants or bursaries https://www.mind.org.uk/information-support/tips-for-everyday-living/student-life/becoming-a-student/#Managing-Your-Finances??

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Check if you are eligible for added support from UK Government https://www.gov.uk/cost-of-living??

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The UK’s leading Debt Charity – help & advice https://www.stepchange.org/??

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Find a food bank near you https://www.trusselltrust.org/get-help/find-a-foodbank/?

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General information, support and tips https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/