The Complex Relationship Between Money & Mental Health
The myths of money and well-being
It’s no secret that money plays a significant role in our lives. It affects where we live, what we eat, and the quality of healthcare we receive.
While most of us understand the importance of money in meeting our basic needs, few of us consider how our finances affect our mental health.
However, research shows that there is a clear link between finances and well-being.
In this article, we will explore the relationship between money and mental health and debunk some common myths about this complex issue.
Myth 1: Money buys happiness
Everybody knows that “Money does not buy happiness.” That’s been drilled into us long and hard.
But the irony is that people act as if the opposite is true — as if having more money automatically leads to greater happiness.
The intersection between money and happiness is not that simple. While having enough money to meet our basic needs is essential for our well-being, beyond a certain threshold, more money does not necessarily lead to greater happiness.
Studies show that people who prioritize money over other aspects of their lives, such as relationships and personal growth, are less happy than those who prioritize other values.
This is because people who prioritize money tend to experience higher levels of stress and anxiety, which can lead to a host of mental health problems.
Myth 2: Mental illness leads to financial struggles
Another common myth is that people who struggle with mental illness are more likely to experience financial difficulties. While it is true that mental illness can make it harder to work or manage finances, again that link between mental health and finances requires nuance.
Studies have found that the opposite is more likely true. Instead of mental illness leading to financial struggle, people with financial difficulties are more likely to experience mental health problems.
This is because financial stress can lead to anxiety, depression, and other mental health conditions.
Myth 3: Money is the solution to financial stress
When we experience financial stress, it is tempting to think that the only solution is to earn more money.
But there are other ways to improve our mental health in the face of financial difficulties.
For example, people who practice mindfulness and gratitude are more resilient to financial stress. This is because mindfulness and gratitude can help us focus on what we have, rather than what we lack, which can reduce feelings of stress and anxiety.
Furthermore, seeking professional help, such as therapy or financial counseling, can also improve our mental health and financial well-being.
A financial counselor can help us develop a budget, manage debt, and create a plan for our financial future, while a therapist can help us develop coping strategies to deal with financial stress.
Myth 4: Financial success is a measure of personal worth
In our culture, we often equate financial success with personal worth. However, this belief can be harmful to our mental health. When we tie our self-worth to our financial status, we set ourselves up for disappointment and stress.
Instead, it is essential to recognize that financial success is not a measure of our personal worth. We are valuable regardless of how much money we make or how successful we are in our careers.
By prioritizing our relationships, personal growth, and well-being over money, we can lead happier and more fulfilling lives.
Money and mental health are closely linked, but the relationship between the two is more complex than many of us realize. For example, instead of being a solution to stress, money could very well be the root cause of it.
While having enough money to meet our basic needs is essential for our well-being, beyond a certain threshold, more money does not necessarily lead to greater happiness.
Financial stress can lead to anxiety, depression, and other mental health issues, but there are ways to improve our mental health in the face of financial difficulties. Seeking professional help, practicing mindfulness and gratitude, and prioritizing our relationships, personal growth, and well-being can all
