Let’s Talk – Unique Financial Challenges Faced by People with Mental Health Issues

This month on January 31, 2018, the annual Bell Let’s Talk initiative is once again raising awareness about mental health in an effort to combat the stigma.

While mental health affects many parts of a person’s life and has different stressors and factors that vary from person to person, research shows that there is a clear link between financial health and mental health.

Stress can play a huge part in mental health — and financial debt can be a big stress inducer. According to The Globe and Mail, debt-related financial stress is linked to anxiety, depression, a higher risk of suicide, and can also affect physical health. Some experts have said financial stress is on par with obesity, poverty, or substance abuse.

Across the country, Canadians are slipping deeper in to household debt. Falling into debt can make mental health issues harder to cope with. It can become an unending cycle. A person is depressed or anxious and cannot find the motivation to pay their bills or go to work. The bills pile up and creditors start calling. The added financial stress exacerbates the pre-existing mental health issues, making them harder to deal with.

Even if there aren’t pre-existing mental health concerns, financial stress can cause situational depression or anxiety. A large amount of debt can seem like an impossible hole to dig yourself out of, or you may be worried about being able to afford the things you’ve become accustomed to. If job loss strikes or expenses increase, the idea of losing a house, not being able to send a child to school, or afford everyday items, such as food and utilities, can be debilitating.

Experts say financial stress plays a significant role in the incidence of suicide among middle-aged Canadians.

Some debt, of course, such as mortgages and the like can be considered good debt, but with our nation’s increasing reliance on credit and easy spending, it can be simple to create too much negative debt and feel like you’re spiralling out of control.

Bell Let’s Talk Day is on January 31, 2018. Participate in the conversation by using the hashtag #BellLetsTalk on Twitter or Instagram, watching the Bell Let’s Talk Day video on Facebook, or using the Bell Let’s Talk geofilter on Snapchat. Bell donates five cents for any of these social media posts plus any text messages or calls made from a Bell Canada or Bell Aliant phone.

Debt and financial stress doesn’t have to be unmanageable. At Spergel, we want to help you manage your debt load and lead a happier life.

Call us today for a free consultation: 310-4321.