Financial stress can come in many forms — unexpected car repairs, a job loss, foreclosure or a life-changing illness. Regardless of your current status, a sudden strain on your finances can have long-term impacts on both your physical and mental health.
With Mental Health Awareness Month in May Off Site Link, this is a good opportunity to look at how financial strain can affect your health and the steps you can take to address both the symptoms and the root causes.
What is Financial Strain?
According to the Centers for Disease Control and Prevention Off Site Link, financial strain happens when a person or family’s spending (both discretionary and nondiscretionary) starts to exceed their income to a degree that psychologically threatens their relationships and self-esteem. It can refer to your current well-being or look further into your future. Unlike poverty, which objectively measures a person’s lack of basic needs, people at all income levels can experience financial strain.
Finances consistently rank among the top stressors for many Americans. In the American Psychological Association’s “Stress in America 2022” report Off Site Link, about two thirds (66%) of those surveyed said money was a significant source of stress.
Physical and Mental Links
Financial stress has the potential to impact both your own health and quality of life, and those around you, as well. According to the CDC, adults under financial strain are at greater risk for missing work, depression, anxiety and poor physical health.
“Financial strain can impact any person, meaning anyone can experience impacts to their mental health and an increased risk for suicide,” says Erik Muckey, the Executive Director and CEO Off Site Link of Lost&Found, a nonprofit based in Sioux Falls, S.D. that offers mental health support and suicide prevention programs in South Dakota and Minnesota.
“Financial strain is among the CDC’s top concerns for suicide risk, and it is essential to consider how you and your loved ones can tackle that risk together,” adds Muckey.
Addressing the Challenges
“At Sunrise Banks, our bankers are dedicated to relationships,” says Jean Chalifoux Kiely, Director of Consumer Banking at Sunrise Banks. “That means making sure you’re equipped with the resources to transform your financial stress into long term stability.”
All Sunrise Banks customers are eligible to receive up to six free counseling sessions per year through our partnership with Lutheran Social Services’ LSS Financial Counseling Off Site Link. These sessions can help you begin to tackle some of the biggest financial stressors in your life. These can include paying off debt, establishing a budget, improving your credit score or finding affordable housing options.
“Whether you are new to the banking system, new to credit or need advice as you mature in your financial goals, our team is prepared to meet you wherever you are in your financial health journey and partner with you to make a meaningful difference,” adds Chalifoux Kiely. “They know that financial freedom provides peace of mind, and that security is priceless.”
Visit sunrisebanks.com/personal-banking/financial-choice/ to get started on improving both your financial and mental health.
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