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In a recent song by Olamide, we catch the phrase “Na money dey ginger morale” making a great revelation on the interconnection of money and people’s mental health

Money is an effective incentive that pays for our needs and fuels our desires. But beyond its undeniable practical function, money also casts a long shadow over our mental health.

Yes, it can be a powerful motivator, pushing us to achieve and secure our future. But it can also be the root of stress, anxiety, and a lot of complicated feelings we might not even realize are money-related.

The Stress of Not Having Enough

Let’s face it, financial stability is the bedrock of well-being. Not having enough to cover basic needs like food, shelter, and healthcare can be a constant source of worry, leading to feelings of insecurity and helplessness.

This constant pressure manifests in various ways, from sleepless nights and strained relationships to difficulty focusing and a persistent sense of anxiety.

It’s the fear of eviction notices and utility shut-offs, the shame of food insecurity, and the weight of medical bills that can feel like an insurmountable burden.

In these situations, financial stress isn’t just a fleeting worry; it’s a constant companion, chipping away at our sense of security and hope.

A 2022 study reveals that money often negatively impacts people’s mental health, with stress being the top emotion associated with finances.

The Never-Ending Chase for “Enough”

But even for those who have their basic needs met, money can still be a tricky dance partner. The pursuit of “enough” can become a never-ending pursuit, propelled by cultural expectations and the never-ending comparison game.

The fear of falling behind, the pressure to keep up with the latest trends, and the constant bombardment of “you deserve this” messages can leave us feeling inadequate and stressed.

A study published in the Journal of Personality and Social Psychology found that people who frequently compare themselves to others tend to experience higher levels of depression and anxiety.

Money as a Symbol of Worth and Success

And it’s not just about external pressures. Our internal narrative around money plays a huge role too. Do we see it as a tool for freedom and security, or a symbol of success and worth? Do we feel guilty for spending it, even on necessities?

These internal beliefs and anxieties can shape our financial decisions and behaviours, leading to unhealthy patterns like impulsive spending or compulsive saving.

A study by the American Psychological Association found that people who hold negative beliefs about money are more likely to experience financial stress and anxiety.

Breaking Free from the Money-Driven Stress Cycle: Cultivating a Healthier Relationship with Finances

So, what can we do to break free from this money-driven stress cycle and cultivate a healthier relationship with our finances? Here are a few tips:

Become aware of your money mindset: Take some time to reflect on your beliefs and emotions surrounding money. What are your core values? What are you really trying to achieve with your finances? Understanding your own narrative is the first step to changing it.
Set realistic financial goals: Don’t get caught up in the comparison trap. Focus on what’s important to you and set achievable goals that align with your values and priorities. A study by the Harvard Business School found that people who set specific and actionable goals are more likely to achieve them, which can boost their sense of accomplishment and reduce financial stress.
Develop healthy budgeting habits: Track your income and expenses, create a budget that works for you, and stick to it as much as possible. Knowing where your money is going can empower you to make informed choices and avoid unnecessary stress. A study by the National Endowment for Financial Education found that people who budget regularly are more likely to feel in control of their finances and experience less financial anxiety.
Seek support: Don’t be afraid to talk to a financial advisor or therapist if you’re struggling. They can offer valuable guidance and help you develop healthy coping mechanisms for dealing with financial stress and anxiety. A study by the American Psychological Association found that therapy can be an effective way to manage financial stress and improve mental health.

Beyond Individual Action: Addressing Systemic Issues and Building Support Systems

It’s important to remember that the impact of money on mental health is not solely an individual issue. Systemic factors like income inequality, a lack of affordable housing, and inadequate access to mental health care exacerbate the anxieties and insecurities felt by many.

To truly create a society where everyone feels financially secure and mentally well, we need to move beyond individual coping mechanisms and address these broader issues.

Tackling Inequality and Building a Fairer Financial Landscape:

Fighting for a living wage: Income inequality has widened significantly in recent years, leaving many struggling to make ends meet. Advocating for policies that ensure a living wage for all can alleviate the constant stress of basic survival and give individuals greater control over their financial futures.
Demanding universal healthcare: The burden of medical bills is a major source of financial stress and anxiety. Implementing universal healthcare would remove this burden and ensure everyone has access to necessary medical care without fear of financial repercussions.
Promoting financial literacy: Many lack the basic knowledge and tools to manage their finances effectively. Providing comprehensive financial literacy education at all levels can empower individuals to make informed decisions, build healthier financial habits, and reduce stress.

Building a Support System and Combating the Stigma:

Normalizing the conversation: Openly discussing financial challenges and anxieties can normalize the problem and help individuals feel less alone. Public awareness campaigns and discussions can destigmatize financial stress and encourage people to seek help.
Strengthening social safety nets: Expanding access to food banks, emergency housing, and other social safety nets can provide critical support for those experiencing financial hardships. These resources can prevent financial stress from spiralling into mental health crises.
Developing culturally sensitive mental health care: Recognizing that financial stress can manifest differently in different cultural contexts is crucial. Culturally sensitive mental health care services can ensure individuals receive appropriate support and address the specific challenges they face.

Embracing a Values-Based Economy:

Moving beyond materialism: Our relentless pursuit of material possessions often fuels financial stress and anxiety. Promoting a values-based economy that prioritizes well-being over wealth accumulation can shift our focus towards meaningful experiences and genuine connection.
Supporting ethical businesses: Choosing to support businesses that prioritize fair wages, employee well-being, and responsible financial practices can contribute to a more sustainable and equitable economic system.
Investing in community projects: Supporting local initiatives and community projects that address systemic issues like housing shortages or food insecurity can foster a sense of collective responsibility and create a more resilient society.

Financial stress is a complex issue with far-reaching consequences for our individual and collective well-being. By recognizing its diverse causes, engaging in personal and systemic solutions, and embracing a values-based approach to our economy, we can build a future where financial security and mental health go hand in hand, allowing everyone to thrive, not just survive.

Remember, the key to tackling the problem lies not just in individual actions but in building a strong system of support, addressing systemic inequalities, and shifting our collective priorities towards a more just and equitable society. It’s a long-term journey, but by working together, we can create a world where financial stress is no longer a constant companion but a fading memory.

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