Money and Your Mental Health

May, recognized as Mental Health Awareness Month, offers a timely reminder of the profound impact financial health can have on our overall mental well-being.

As a financial coach and retirement planning professional, I constantly witness the stress and anxiety that financial uncertainties can create. It's concerning to note that nearly half of U.S. adults report their mental health is adversely affected by financial concerns.

Recent findings from Bankrate’s Money and Mental Health Survey reveal:

• 47% of adults experience anxiety, stress, worrisome thoughts, or even depression due to financial worries.
• A staggering 65% are troubled by inflation and the rising cost of living.
• Around 60% are stressed about covering daily necessities such as groceries and utilities.
• 56% are anxious about their lack of emergency savings
• 47% are burdened by debt.

Moreover, a significant portion of American households—over 60%—are living paycheck to paycheck, illustrating a precarious financial balance that many find themselves in. The challenge is compounded by the fact that more than a third of U.S. consumers have more credit card debt than emergency savings.

This precarious financial reality is not just about numbers; it reflects a state of constant financial pressure that can lead to profound mental distress.

The emotional toll is particularly heavy on those responsible for the financial well-being of their families. The pressure to provide, coupled with the fear of failing to do so, can evoke feelings of inadequacy and failure. This emotional burden is not limited to just the essentials; the desire to maintain a certain lifestyle amidst the rising costs also contributes to chronic stress and anxiety.

It’s essential to recognize that what was once considered a high income is now barely sufficient to cover basic needs in many states. A recent report highlighted that an average net income of over $80,000 is necessary just to afford what most consider essentials for a family of four.

I encourage you to take a moment this month to reflect on your financial situation. If you find yourself overwhelmed by financial stress, it might be time to revisit your financial plan. Engaging with the right financial professional can provide not only financial clarity but also contribute significantly to your mental health.

My team and I are dedicated to empowering you to achieve financial confidence and peace of mind. We specialize in creating retirement income streams that you cannot outlive, utilizing tax mitigation strategies, and organizing your financial life to enhance your financial well-being.

Remember, achieving financial confidence can be a pivotal step towards a healthier, stress-free life. Let us help you build a foundation of financial security that supports not just your financial future, but your mental health as well.

Schedule your complimentary, no-obligation consultation to have your questions answered. It's the first step on the path to achieving the financial confidence and peace of mind that you and your loved ones deserve.

You can also visit elisabethdawson.com for more information on our unique approach to financial empowerment and improving your relationship with money.