Money can be a sensitive topic of discussion for many people. A new study shows that 65% of workers in the UK felt stressed and reported an impact on their mental health due to their finances. The reason behind this is the rising cost of living, rapid inflation, poor job security and several other factors, which we will discuss below.
The relationship between money and mental health
Research has shown that people feel anxious in their professional and personal lives due to money, more often than expected. In this day and age, with our ever growing needs and wants, it’s no surprise that running out of money is a concern.
According to the study, researchers have found that up to 50% of the people in the UK have missed a bill payment as an outcome of their company’s poor accounting practices. In some cases, employees have even been left unpaid, resulting in them being unable to keep up with personal financial commitments.
Couple this with ever growing inflation, increased cost of living and poor job security, employees find it difficult to focus on work and perform optimally. There is a huge availability of evidence that supports this claim and how financial worry is one of the leading causes of stress for people in the workforce.
The study further talks about how companies can improve their payroll practices to keep their employees satisfied. Additionally, according to the research, around one third of employees agreed that having transparency about finances can definitely reduce stress and improve their performance in the workplace. Not only this, but the presence of financial security for employees can also help organisations retain their talent for extended periods of time.
How to reduce stress
While studies like these can help us understand the cause and effect of financial practices in our lives, taking effective steps to prevent this worry is equally important.
To curb stress related to finances, firstly, talk. Talking with your trusted circle about financial situations that may worry you can provide a good means of support and offer distraction. Moreover, looking at the situation from another person’s perspective can further improve thought clarity and help you tackle the problem in new ways.
The next important tip is to make lifestyle changes. Unhealthy lifestyle habits can often go unnoticed during periods of stress, leading to increased levels of anxiety. Factors such as lack of sleep, over or under-eating, smoking and alcohol consumption can all contribute to this. Multiple studies suggest that maintaining a proper sleep routine, a balanced diet and reduction in usage of addictive substances like caffeine, alcohol and nicotine can significantly reduce your stress levels.
Thirdly, but most importantly, if you feel burnt out, or the above tips don’t work for you, it’s really important to seek professional help. Finding a psychiatrist in London that can offer you support with stress and your mental health is now easier than ever. Their medical expertise means that they can not only provide you with accurate diagnosis, but also treatment for stress and anxiety. They will work together with you to put actionable steps in place to help you manage stress and improve your mental health.
The good news: Stress can be managed
If you are someone who gets anxious at the thought of running out of money or just feels a bit on the edge about financial security, please know that you’re not alone. Almost everyone experiences this at some point in their lives, but what matters the most is how you deal with it. Making minor adjustments in your lifestyle, talking about your worries and seeking professional help are some of the easiest and most effective ways of improving your mental health.
