As the saying goes, ‘health is wealth’. But how often do we consider the flipside – that our finances (and the stress they can bring) might be affecting our wellbeing.
A recent study revealed that financial worries can negatively impact our overall psychological health, and mental health charity Mind says money problems can trigger feelings of anxiety and panic, sleep problems, and feelings of loneliness and isolation. Furthermore, Dr Dimitrios Tsivrikos, a consumer psychologist at University College London, warns that money worries can strain important relationships.
While we might think a cash injection is a cure-all and route back to financial wellness, it’s actually not about the amount of money we have, says Tim Perkins, co-founder and CEO of nudge financial experts. Instead, he reveals, ‘Financial wellbeing is considered the ability to effectively manage your economic life.’
