Numerous research studies point to a connection between our financial health, mental wellbeing, and our overall wellness.

Those suffering from ill financial health are more likely to face mental health problems, including depression, and anxiety disorders. While those with mental health difficulties often struggle with debt or face significant financial complications.

From the many papers, studies, and articles I’ve read, it is evident to me that healthy finances are beneficial to a healthy mental wellbeing.

This blog post is part of the Suicide Prevention Awareness Month blog tour in partnership with Debt Drop. If you are feeling suicidal, please call the National Suicide Prevention Lifeline at 1-800-273-8255 or text HOME to 741741. Additional resources listed throughout this post.

Unhealthy Finances Likely to Affect Mental Health

Unplanned expenses or unexpected life events, more than careless overspending, bring on most financial difficulties. Resulting worries about how to make ends meet then cause stress affecting our physical and mental wellbeing.

For those facing financial difficulties, feelings of guilt, shame, anger, and frustration weigh on us and may cause or worsen depression and anxiety. And we are reluctant to talk about it.

In a 2015 survey of 15,000 people conducted at the University College London, researchers discovered that people are seven times more likely to discuss with a stranger how many sexual partners they’ve had and whether they have ever contracted a sexually transmitted disease than talk about their income.

Those same researchers found the likelihood of having a mental health issue is three times higher among people who have debt. Individuals who complete suicide are eight times more likely to be in debt. Additionally, reports in the UK found nearly 50% of people struggling with debt considered suicide.

“Short-term debt may place people at the highest risk of depression. A study published in the Journal of Family and Economic Issues found that unmarried people, people reaching retirement age, and those who are less educated were particularly vulnerable to the harmful effects of stress associated with credit cards and overdue bills.” ~ Amy Morin, LCSW, Psychology Today

Major depression is more likely to occur in those with debt and financial difficulties than in those with healthy finances. While those suffering from mental issues may have increased problems managing their finances.

You’re Not Alone; Help Is All Around You

While I once faced more debt than I was comfortable with, I found a way to eliminate it and therefore improve my financial health. Please know that you can do the same. You are not alone, and resources are available to help you, such as The National Foundation for Credit Counseling® and American Consumer Credit Counseling (ACCC). Check out this excellent list of personal finance debt bloggers too.

Mental Wellbeing

Depression can happen to anyone. It is one of the most common worldwide mental health conditions, and it does not discriminate. Currently, it is estimated depression affects more than 300 million people. Anxiety often accompanies depression, most commonly in women, but it also does not discriminate.

A lack of understanding and stigma surrounding mental ill-health are prevalent. A common false belief is that those with mental disorders are untreatable or difficult, not intelligent, or powerless to make decisions. This bias may lead to abuse, abandonment, and segregation, excluding those who need help from treatment or support.

Far too often, stigma and prejudice against patients and their families prevent people from seeking mental health care.

The good news; depression and anxiety are very treatable, even the most severe cases. 

“Mental health is defined as a state of well-being in which every individual realizes his or her own potential, can cope with the normal stresses of life, can work productively and fruitfully, and is able to make a contribution to her or his community.” ~ World Health Organization (WHO)

At its worst, however, severe depression can lead to suicide.

According to WHO, nearly 800 000 people die from suicide every year. That’s one individual every 40 seconds globally. Many more than that attempt suicide. Recent indications are that for every person who died of suicide, more than 20 others attempted suicide. It is the second leading cause of death among 15-29-year-olds worldwide.

• View full-size map – The World Health Organization 2017

 You Can Get Help, And You Can Help Too

If you are feeling suicidal or know of someone who needs help, please call or visit:

• USA – 1-800-273-TALK (8255) National Suicide Prevention Hotline
• Canada – Centre for Suicide Prevention – Canada Crisis Centres
• Australia – Lifeline
• UK: 24/7 Samaritans Hotline: 116 123 samaritans.org
• To Find a Crisis Center anywhere in the World – ‘International Association for Suicide Prevention – Resources: Crisis Centers’ 

For those of us on the outside, we may be reluctant to intervene, even if we are quite concerned about someone and their mental health, due to many common myths.

We fear we will not know what to say. Yet, individuals who have come through an episode of severe suicidal thinking often say that they were not looking for specific advice. Instead, kindness and empathy from another helped them get started towards recovery.

Another concern we face when it comes to starting a conversation about suicide is worry we may make the situation worse. While this is understandable, evidence suggests that this is not the case.

Showing compassion and listening with a non-judgemental ear are proven to reduce suffering and not exacerbate it.

Common Myths About Suicide from the WHO

1. Myth – Once someone is suicidal, he or she will always remain suicidal. FACT – Heightened suicide risk is often short-term and situation specific. While suicidal thoughts may return, they are not permanent, and an individual with previously suicidal thoughts and attempts can go on to live a long life.
2. Myth – Talking about suicide is not a good idea and can be interpreted as encouragement. FACT – Given the widespread stigma around suicide, most people who are contemplating suicide do not know who to speak to. Rather than encouraging suicidal behavior, talking openly can give an individual other options or the time to rethink his/her decision, thereby preventing suicide.
3. Myth – Only people with mental disorders are suicidal. FACT – Suicidal behavior indicates deep unhappiness but not necessarily mental disorder. Many people living with mental illness are not affected by suicidal behavior, and not all people who take their own lives have a mental disorder.
4. Myth – Most suicides happen suddenly without warning. FACT – The majority of suicides have been preceded by warning signs, whether verbal or behavioral. Of course, there are some suicides that occur without warning. But it is important to understand what the warning signs are and look out for them.
5. Myth – Someone who his suicidal is determined to die. FACT – On the contrary, suicidal people are often ambivalent about living or dying. Someone may act impulsively by drinking pesticides, for instance, and die a few days later, even though they would have liked to live on. Access to emotional support at the right time can prevent suicide.
6. Myth – People who talk about suicide do not mean to do it. FACT – People who speak of suicide may be reaching out for help or support. A significant number of people contemplating suicide are experiencing anxiety, depression, and hopelessness and may feel that there is no other option.
7. Myth – Suicidal behavior is easy to explain. FACT – Suicide is never the result of a single factor or event. The factors that lead an individual to suicide are usually multiple and complex, and should not be reported simplistically. Health, mental health, stressful life events, social and cultural factors need to be taken into account when trying to understand suicidal behavior. Impulsivity also plays an important role. People with a mental illness, which may influence a person’s ability to cope with life stressors and interpersonal conflicts, are more likely to be at risk of suicide. However, mental illness alone is insufficient to explain suicide. Almost always, it will be misleading to attribute a suicide to a particular event such as failure in an examination or breakdown of a relationship. In circumstances where the death has not yet been thoroughly investigated, it is inappropriate to report premature conclusions about causes and triggers.
8. Myth – Suicide is an appropriate means of coping with problems. FACT – Suicide is not a constructive or necessary means of dealing with problems, nor is it the only possible way to manage severe distress or to address adverse life circumstances. Stories about individuals with a personal experience of suicidal thoughts who managed to cope with their challenging life situations can help to highlight viable options for others who might currently be contemplating suicidal behavior. Suicide also has a devastating impact on family members, friends, and communities, often leaving them wondering whether there were signs they may have missed, and feeling guilty, angry, stigmatized and/or abandoned. Reports of suicide that explore some of these complex dynamics sensitively, without blaming grieving survivors, can help educate the public about the need to provide appropriate support to persons bereaved by suicide.

Listen With an Open Mind and Offer Support

Do You Know Someone Who May Be Considering Suicide? Here’s what you can do:

• Find an opportune time and place to talk with the person you are worried about. Let them know you are there to listen.
• Encourage them to seek professional help from a doctor, mental health professional, counselor, or social worker. Offer to assist them in making an appointment or accompanying them to the appointment.
• Should you fear the person is in immediate danger, do not leave them alone. Seek professional emergency services, crisis line help, or their family members.
• Do your best to ensure they do not have access to means of self-harm in the home.
• Continue to stay in touch with them and check on how they are doing.

Do You Know Someone Who Is Experiencing Serious Financial Difficulties? Hayley from Disease Called Debt, tells us ‘How to Be a Better Friend to Someone in Debt.’

Healthy Finances and Mental Wellbeing

While it isn’t always easy, debt is manageable, and depression is treatable. If you are in debt or facing depression or anxiety, please know you are not alone, and others are willing to assist.

Improving your finances may help you to improve your mental health, and improving your mental wellbeing can aid you in managing your finances more easily.

If you are feeling suicidal or know of someone who needs help, please call or visit:

• USA – 1-800-273-TALK (8255) National Suicide Prevention Hotline
• Canada – Centre for Suicide Prevention – Canada Crisis Centres
• Australia – Lifeline
• UK: 24/7 Samaritans Hotline: 116 123 samaritans.org
• To Find a Crisis Center anywhere in the World – ‘International Association for Suicide Prevention – Resources: Crisis Centers’ 

Sources

• Money and Mental Health Policy Institute – Overstretched, Overdrawn, Underserved
• Money and Mental Illness: A Study of the Relationship Between Poverty and Serious Psychological Problems
• World Health Organization

Additional Resources

• Project Creator: Dear Debt
• Crisis Text Line
• American Foundation for Suicide Prevention
• Project Semicolon