Financial and Mental Health

Mental and financial health are linked in very closely. For many, there exists a cycle where a difficult financial situation can lead to mental health issues like stress, depression, and conflict at home, which in turn affects your ability to bring in more money. This cycle can continue over and over, with both aspects only worsening, potentially resulting in a mental health crisis where someone feels trapped and unable to see any hope in their situation. There are, however, ways to cope and manage if you find yourself in this situation. 

Financial difficulties often come with unique barriers in the way of receiving support. Many people assign worth and self-esteem directly to how much money they have, so if someone is struggling financially, they will see themselves as less deserving of help. The shame can be incredibly strong for some people, leaving them to feel as though they must suffer alone. This is, of course, not true, but overcoming this shame can be difficult. While Walmsley EFAP counsellors are not financial advisors, they can assist with the negative feelings and avoidance that can so easily result from financial difficulties, and also discuss referrals to agencies that specialize in credit counselling and financial planning.  

Along with the stress and anxiety that result from money issues, there can also be communication struggles. Talking about money is not easy; in fact, many people are taught not to talk about it all. Any relationship is built on good communication skills, and couples often falter when it comes to discussing financial health and stability. These conversations can result in resentment and anger between you and your partner, and the longer you put off talking about money, the more difficult it is to do it. The good news is there are ways to normalize money conversations in a relationship. 

Firstly, scheduling time to sit down and discuss finances is important; this is not a conversation you want to spring on someone at the last minute. It helps to know how much time you want to spend on this discussion, so try putting a 30-minute limit on it. If there's more to talk about, you can schedule another session in the near future. This approach keeps the conversation focused and avoids the fatigue that can set in if it goes on too long. Additionally, having all the necessary information handy is crucial for a productive conversation. Many couples struggle with vague discussions that lack specific financial details. Compiling all your financial data can be an overwhelming task in itself, and this is where financial advisors can be invaluable. They ask the right questions and help you get a realistic idea of where you stand financially. Lastly, sharpen your active listening skills. Don’t just wait for your turn to talk; pay attention to your partner and show that you understand what they are saying. Validation is incredibly important when discussing sensitive topics like money. 

While these conversations can be difficult, money conversations are necessary to make plans, budget, and alleviate stress and anxiety. Thankfully, you don’t have to manage it alone. Connect with Walmsley at 1-800-481-5511 or on our contact page at www.walsmley.ca. Be sure to specify your issue is related to financial stress and we can match you with a counsellor who can help.  

Robert Baker, RCC 
Walmsley EFAP