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Business News/ Money / Personal Finance/  World Mental Health Day 2022: Decoding the link between money and mental health

World Mental Health Day 2022: Decoding the link between money and mental health

It is only when you are lost that you begin to understand yourself. Society’s apathy towards the emotionally vulnerable coupled with financial incapacity has caused enough harm that must be handled on an urgent basis.

Don't let your mind be stuck in a rut. Feel good about yourself. This is the first step to maintaining your sanity. (Pixabay)Premium
Don't let your mind be stuck in a rut. Feel good about yourself. This is the first step to maintaining your sanity. (Pixabay)

Your mind can have a decisive effect on how you deal with money. Similarly, your money problems can take a toll on your mental health. With your mind and money so intricately connected, there is no way you can ignore your finances at your own peril.

As we observe “World Mental Health Day" today, let us understand how this year’s theme “Make mental health and well-being for all a global priority" resonates with the very essence of our well-being, be it emotionally or financially. Being emotionally stable is a must for achieving financial stability as much as the latter has an overbearing effect on the former.

Mind affecting money

Your inability to think straight can make it difficult for you to earn and manage your money. This is especially true if you are depressed as you will lack the much-needed urge and energy to keep a track of your earnings, savings, investments and expenditure. If you suffer from dementia, chances are that you will remember nothing about how much you have and how much more you must accumulate

People with low self-esteem often tend to find succour in spending on luxury items or lifestyle products to feel better. They can go haywire with their expenditures using credit cards, thus, pushing them into unwarranted debt. The burden of debt can then trigger mental issues such as anxiety, depression, etc., which if not treated in time can lead to rapid mental health deterioration.

Money problems affecting the mind

Not all mental health problems may be inherent. Some are acquired too. For example, debt problems may contribute to ill mental health. The constant anxiety of not being able to repay the debt on time or to continue having to pay a hefty penalty on non-payment of the liability can cause many to spiral into depression.

Add to them unforeseen problems like a sudden job loss or prolonged unemployment, sudden hospitalization or subsequent separation from the partner that will only aggravate emotional issues in the long run.

Take, for example, the recent Covid-19 pandemic that left millions around the world unemployed. The sudden financial instability that lasted for a year or more left many seeking help to tackle their mental health disorders.

It is okay to feel sad, stressed or anxious at times, especially, when you do not see light at the end of the tunnel. Your depression need not be always about your desperation but can be an inspiration to many people who need psychological help.

Kamna Chibber, Clinical Psychologist and Head - Mental Health, Fortis Healthcare says, “Avoid comparisons. Allow yourself to determine your own individual goals. Recognize that everyone goes through their own ups and downs and would have their own trajectory in life. Keep putting in the effort that you need and maintain a belief and sense of positivity that outcomes would result over time."

Ensuring mental wellness

Many companies are on a war footing when it comes to ensuring mental wellness. Some are even gifting their employees paid vacations or prolonged paid leave from the monotony of their daily grind. While employees appreciate this generous gesture from their employers, is this enough to help affected employees cope with their behavioural disorders? Often ignorance and apathy cause the gullible to feel dissociated from their duties and responsibilities. 

Continued disregard for problems stemming from the mind can cause one to feel suicidal. The only way out is to reach out to friends and families willing to help. You can also turn to clinical psychologists or adept mental health professionals for help. Their timely advice will help you focus more on the solutions than harping on the problems alone.

It’s high time that we focus on our minds too. Listen to what your mind says. Your mind will believe what you tell it. So, make sure that what you say is positive and has an echoing effect on your emotions.

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These are the common exclusions for insurance policies.

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Published: 10 Oct 2022, 02:53 PM IST
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