Break cycle of financial stress

Create a budget, seek professional advice early on, says expert.

ROADMAP: HOW TO FOSTER A HEALTHIER BALANCE BETWEEN YOUR MONEY AND YOUR MIND

During Mental Health Month it is also important to recognise how our finances (or lack of it) affect our mental health. Research shows that even high-income earners battle to repay their debts, which means that people who earn less worry even more and are prone to serious financial stress affecting their mental health.

After another tough economic year, a spike in mental health issues has been exacerbated by job insecurity, remote work stress, the rising cost of living and the blurred lines between work and personal life, says Ross McMillan from Momentum Financial Planning.

“Financial stress can trigger anxiety, panic and even depression, making it difficult to manage your daily life. Taking proactive steps to enhance your financial security is a crucial first step towards improving your mental well-being and regain a sense of control,” he says.