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Money problems impacting mental health

Money problems impacting mental health

Published at 3:20pm 17th January 2020.

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BDB Financial

A study has found that financial problems are impacting mental health - causing stress, anxiety and unnecessary problems for families.

  • The study from YouGov found 1 in 3 people have experienced stress or anxiety due to finances.
  • A lack of conversation around money is a leading cause of the issue.
  • BDB Financial in Harrogate can offer advice and support.

The financial hangover from Christmas can last long into the new year, with 'Blue Monday' on 20th January bringing with it the dreaded festive credit card bill - but how much can money problems affect our mental wellbeing?

A study from YouGov has found that 1 in 3 people have experienced stress or anxiety due to financial issues, whilst 63% of people said that money worries are affecting the mental health of someone close to them.

OpenMoney, which commissioned the YouGov poll into finances and mental health, also discovered that parents with children under the age of 18 were significantly more stressed about money than the national average.

English £20 bank notes
Financial woes: 1 in 3 couples did not talk about money before moving in together (source: YouGov)

A little more conversation

But what can we do to improve our mental health and happiness when it comes to finances?

Harrogate Personal Finance Director BDB Financial believe conversation is key when it comes to avoiding the stresses and strains that come with finances, as explained by Managing Director Andrew Brook-Dobson:

"The lack of communication about money is a really common thing and is one of the most common reasons for marriages and relationships breaking down.

"You come into a relationship with your set of habits and values about money and the other person is coming in with their own, and they don’t often overlap!"

Offering financial advice to couples and families, the Harrogate company believe that real wealth is measured in what they describe is the most valuable asset - time.

BDB Financial office space
Bust the stigma: BDB Financial in Harrogate encourage people to talk about money for their own mental wellbeing.

Financial Happiness

Although money cannot buy happiness, speaking about finances with BDB Financial can relieve some of the stress that comes with it. 

If you need a pick-me-up this January, Andrew pinpointed two simple ways you can increase your happiness (particularly relevant on the cusp of Blue Monday!)

1) Biting a pencil: Clamping down your teeth on a pencil will cause your mouth to adopt a smile, (tricking the brain which won't know it isn't a real one!) triggering the release of hormones in the body to increase happiness and overall health.

2) Gratitude: It's easy to think about things you haven't got, but the happiest people are grateful for what they have got and can often take for granted.

Biting pencil can increase happiness - BDB Financial
Biting a pencil causes the mouth to simulate a smile, increasing both happiness and overall health.

Financial Wellbeing Workshops

BDB Financial have started their own FREE 'Financial Wellbeing' programme, which involves going into local schools and running sessions with students and their parents on financial education, financial literacy and financial wellbeing.

With topics ranging from budgeting, banking and borrowing to student finance, tax and pensions, the sessions are designed to give a comprehensive understanding of important topics around finance.

The workshops help form positive habits such as identifying the difference between 'wants' and 'needs', and also the need for budgeting using engaging concepts designed to equip young people with practical skills.

To get in touch with BDB Financial and find out how they can help you, find them online, on Facebook or give them a call on 01423 855680 - if you're interested in BDB visiting your child's school, email them at schools@bdbfinancial.com

Ben Groom from Stray Lifestyle caught up with Andrew Brook-Dobson at BDB Financial:

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