The complex relationship we have with money and the stress of being financially strained can lead to a vicious cycle that can make us feel completely out of control. This is a universal experience, felt strongest by Black LGBTQ+ womxn and non-binary people who begin their financial journies on the back foot due to layered disparities in pay gaps and historical mistreatment by financial institutions.
Just as money impacts our behaviour, our mental health can impact how we handle our finances, creating the vicious cycle we mentioned earlier. While the cause may look different for all of us, some mental health conditions cause a spike in impulsive behaviour and can influence how we spend our money and our ability to plan for financial obligations rationally, it can also create spending shame cycles that seem impossible to break out of.
Financial wellbeing affects everyone, as shown in the Cost of Living Crisis: Financial Stress and Employee Wellbeing report, in which 37% of employees stated that financial pressure is the top cause of stress outside of work. The same report shows that Womxn-identifying employees are 33% more likely to experience stress than their male-identifying colleagues. Research conducted by Money and Mental Health Policy Institute shows that of the 5,500 people surveyed across the UK, 86% stated that their financial situation has worsened their mental health and that those experiencing mental health problems were three and half times more likely to be in debt than those without.
To help get you started on your journey to better mental health relating to your finances, we’ve put together our tips to reduce the impact of financial strain:
Developing mental fitness in relation to finances can be difficult; that's why My Moon Landing offers Financial Fundamentals training courses in which you'll learn the fundamentals of managing your finances, building sustainable wealth and overcoming debt pressure. Be sure to sign up to join the programme here.
While financial stress and mental health can make you feel isolated and alone, it’s important to remember that we all struggle and that you are not alone. You can take control of your finances with the support that My Moon Landing can offer. If you’re interested in learning how to take control of your financial future and work through the stress of managing your finances, sign up for the My Moon Landing newsletter for event updates and join our community. Let's tackle this together!