How mental health can affect your finances

This is an excerpt of a blog from Know Your Money – you can find the link to the rest of the article below.

Both short term absenteeism – sick days – and long-term periods of absence from the workplace due to mental health problems have a great impact on society and individuals, damaging both personal and business finances.

The UK work force takes on average seven sick days off every year for health reasons. However, the Centre for Mental Health estimates that mental health problems make up over 40% of sick days, equating to 2.8 days off work per employee each year.

The delicate nature of mental health in the workplace can lead to an underreporting of the issue – by both employee and employer – and a stigmatisation of those struggling with mental health issues. This vicious cycle leads to higher rates of long-term periods off work, with those affected unsure how to manage their finances during short and long-term periods of unemployment.

This article presents you with useful guides and information on the relationship between mental health and money. It offers advice on how to alleviate any financial worries you may have, if mental health problems are directly impacting your ability to work, and highlights the different sources of support that are available.

Use this article to get on the right track towards ensuring your finances remain healthy when aiming for a return to the workplace.

Mental health problems can affect your finances whether you are in employment or not. Poor mental health can cause issues from money mismanagement to impulsive spending, both of which could potentially lead to damaging debt spirals.

The link between mental health and your finances is complex. Mental health concerns can make managing your money much harder, whether it’s controlling spending, paying bills, or coping with a reduced income after taking time off work. These money worries can add an extra burden to people’s existing mental health struggles and consequently make it even more challenging for them to sort out their finances- it’s a vicious circle.

Furthermore, certain conditions like bipolar disorder can affect the way you see money and makes those with the condition more likely to embark on impulsive and potentially critical periods of excessive spending. If you are living with the condition, Bipolar Lives can help you get informed, access treatment and get help.

When experiencing mental health issues, it’s important to consider your state of mind when you’re thinking of buying something.

Tip: Before making a purchase while potentially experiencing mental health issues, Ask yourself:

  1. Do I really want or need this?
  2. Wait a day and ask yourself: do I still want or need this?

This is a short excerpt of a blog from Know Your Money – you can read the rest of it here.