LIFESTYLE OUT OF MY MIND
Money’s Impact on Mental Health BY PHILIP CHARD
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Photo by Marcio Binow Da Silva/Getty Images.
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hat does financial health have to do with mental health? Plenty. Even in so-called stable economic times, the impact of standards of living on the well-being of individuals, families and society in aggregate is profound and far-reaching. Given our current financial stressors, such as inflation, income/wealth disparities, housing market woes, a whiplashing stock market and the rest, these impacts are on full display. Here are some ways financial and mental health interconnect: • Money is the number one flash point in marital conflict. It’s unusual for couples to remain on good terms while their finances are in bad shape. In working with couples, I frequently witness this verbal tug of war over family monetary policy. • Well-being is most closely correlated with middle to upper middle-class status, rather than being poor, economically stressed or, somewhat surprisingly, affluent. Financial security without excess appears most supportive of sound mental health.
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• Money and life satisfaction are correlated, but not how we might expect. If one is poor, having more money does increase contentment and peace of mind. However, if one is rich, additional funds have little impact on satisfaction with one’s life. Once our fundamental economic needs are met, there’s little happiness to gain from more largesse. • For many, having a job that pays a living wage contributes substantially to self-esteem. Inversely, job loss or under-employment deflates self-worth and is associated with emotional distress; in some cases, even self-destructive behavior. • Financial worry causes stress, unhealthy self-medicating, sleep disturbances and declining life satisfaction. Particularly when someone is working as hard as they can but still unable to make ends meet, this stress becomes chronic and corrosive.