New research shows money impacts mental health. An El Paso expert is offering advice.
EL PASO, Texas (KVIA) -- A growing number of articles and research studies show that people are very worried about their finances — and it's having an impact on their mental health.
A survey earlier this year from Bankrate, a banking-focused publication that researchers market trends, found that over half of Americans they talked to felt money was the number one negative impact on their mental health.
Money came before physical health, current events, relationships and work, according to Bankrate's findings.
The survey was released in April of this year, and other major concerns included worries about inflation, everyday costs, debt, savings and paying for housing. Those were alongside traditional financial concerns of retirement, interest rates and stable income.
Of note, women expressed more concerns about the negative impact of money on mental health compared with men. Some of their main concerns were paying off debt, the rising cost of items and a lack of savings for rainy days.
This isn't the first report of these concerns — articles and surveys have been published in the past three years over the connection between mental health and financial concerns. They include articles in the New York Times, and similar surveys from Harris Poll and Everyday Health.
Experts from Mental Health America, and local professionals, agree that developing a spending plan is one of the key ways to protect yourself financially. In addition to protecting and planning your money, this can also help with your mental security about your livelihood.
More details on MHA's financial advice can be found here.
Avery Martinez covers mental health in the Borderland as part of ABC-7’s Be Mindful initiative. He is also a Report for America corps member. RFA places talented, emerging journalists in newsrooms like ABC-7’s to report on under-covered issues and communities. Report for America is an initiative of The GroundTruth Project, an award-winning nonprofit journalism organization dedicated to rebuilding journalism from the ground up.
