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When Finances Meet Mental Health: The Relationship Between Income and Wellbeing

Reader discection this article will talk about mental health and the topics surrounding it which some readers may find upsetting.

What is mental health?

I think a good point to start this article is to understand what mental health is and what it means. Mental health involves our emotional, physical and social well-being. This can in turn affect the way we act, feel and perform which could then determine how we handle certain situations such as stress.

The link between income and wellbeing

Understandably, having financial worries can lead to stress which could have an impact on your mental health. This can include feeling worried which could then become physical as it may result in an individual losing sleep and feeling tired the next day.

You could say that the link between income and well-being has a snowball effect on a person as suffering with mental health issues could also lead to poor money management which in the long term will not reduce the financial stress. Therefore, if you are someone who is struggling or know of someone who might be struggling it is vitally important that we get to know about our mental health and money.

Mental health feelings and symptoms

There is a lot of online resources to help those who are in need. Here is a NHS website link to mental health which outlines various aspects and where to get help.

I will be specifically outlining some common feelings and symptoms which have been associated with mental health problems. These include:

· The feeling of stress

· Feeling anxious or fearful or a sense of panic

· Low moods, sadness and depression

· Feeling lonely

· Anger

· Hallucinations and hearing voices

Stigma around mental health

Despite people becoming more educated about mental health there is still some stigma and discrimination regarding the subject.

I think it is important to understand that discriminating against someone due to mental health could have an adverse effect on their health and actually prevent that person from getting the help that they need. Therefore it is vital that stigma surrounding social isolation, housing issues, unemployment and poverty are not overlooked as they are all linked to affecting mental health.

Mental health and working

There is a clear correlation between those who have mental health issues and their income vs those that do not. This is could be down to a number of reasons as not all mental health conditions will affect a persons ability to work but could affect their performance at work or the number of hours they can do.

For example, some may feel they are only capable to work part time whilst also claiming benefits from the government which is a form of help that is available. Others may work full time with requirements for more days off. For those who require it, sick days can be used for mental health days.

How has working from home affected mental health and income?

Since the pandemic, it is becoming more common to work in hybrid environments or work completely remotely. Whilst this is perfect for flexibility, it is suggested that this has negatively impacted peoples mental health due to feeling less connected to colleagues and their peers. In these circumstances it is important that organisations and companies are aware of how to help their staff with their mental health. This is because, if people begin to feel less supported whilst working remotely this could have an impact on their motivation to continue working thus affecting their income.

Cost of living crisis

There is a distinguished relationship between people living in poverty experiencing financial stress and the declining of their mental health, since the cost of living crisis there is potential for this to rise. Therefore it is really important to understand how to prevent financial stress and source the help which is available.

Residents of the UK are faced with life changing decisions on the daily such as choosing between heating and eating. There is no doubt that this has then contributed to their mental health.

There are many ways to reduce financial stress and begin saving (even if it small amounts) and here are some resources to help you.


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