The association between money and mental health is complex.

On one hand, having enough money can provide a sense of security and stability, which can help to reduce stress and improve mental health.

On the other hand, having too much money can lead to feelings of anxiety, depression, and guilt, which may be due to family and community pressures to share your money. This could leave you feeling less of a connection to culture if you’re not sharing with your family and community.

READ MORE: Three ways to practise financial self-care

The key to maintaining good mental health is to find a balance between having enough money to meet your needs and having enough money to enjoy life.

Often the thought of our own financial position and budgeting can be overwhelming for many and create anxiety/stigma around the topic of money. It’s important to recognise when financial stress is becoming too much and to take steps to reduce it. This may include talking to a financial counsellor, financial advisor, creating a budget, or seeking professional help. You don’t need to feel ashamed or embarrassed to talk about your financial situation.

There are many resources available to help people manage their finances and improve their mental health.

Keep in mind that money is not the only source of happiness, and that financial security does not guarantee mental health. Having meaningful relationships, pursuing hobbies, and taking care of both your physical and mental health are all important for an overall wellbeing. Taking the time to focus on these things can help reduce stress and improve mental health.

People should take steps to ensures that they are taking care of their mental health, regardless of financial situation.

Statistics

• 1 in 2 Indigenous people are in financial distress.
• Only 1 in 10 Indigenous people are financially secure.
• 75 per cent of people experiencing financial stress also argue with their partner/families about money.
• People who are experiencing financial distress are twice as likely to also be experiencing mental health distress.

Source: Weier, M., Dolan, K., Powell, A., Muir, K., Young, A. (2019) Money Stories: Financial Resilience among Aboriginal and Torres Strait Islander Australians 2019. Centre for Social Impact (CSI) – UNSW Sydney, for National Australia Bank.

Tips to deal with financial stress

• Look after your health (eating healthy, exercise).
• Create a budget for yourself to follow, that includes regular savings.
• You can do this for free with FNF’s online My Money Dream program. Register here.
• Speak to family and friends about how you’re feeling, it’s important to keep a positive mind frame and have a good support network.
• Learn good money habits – visit www.tomorrowmoney.co or join the Indigenous Women’s Financial Wellness Facebook group by clicking here.
• Contact your bank- Most banks have policies in place to assist their customers when experiencing financial distress/hardship.

Financial Wellness: Your Overall Holistic Financial Health

MENTALLY, You want to achieve financial wellness – you want the mindset that you are abundant, capable & educated.

SPIRITUALLY, You want overall financial contentment – you want to be at ease & comfortable.

PHYSICALLY, You want financial freedom – to be able to provide for your family.

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Like every article on TomorrowMoney, this is not personal financial advice.