This Mental Health Awareness Week, MyBnk wants to talk about something that can significantly impact our mental wellbeing: money.
Financial worries are a major source of stress and anxiety for people of all ages. However, for young people, the pressure can feel even more intense. According to a Young Minds survey, a staggering 72% of young people said they are often or always worried about money. This can be down to a variety of factors from comparing how much money, seeing their household struggle financially to living independently for the first time.
When struggling financially, it can feel like being constantly on edge. Some people have trouble concentrating, feel irritable, and withdraw from social activities. This stress can worsen our mental health, making it even harder to manage our finances. It becomes a vicious cycle.
There are steps we can take to break this cycle and improve both our financial and mental wellbeing. Two key steps are financial education and staying active.
This year’s Mental Health Awareness week theme is Movement: Moving more for our mental health. At MyBnk, we encourage young people to consider staying fit and healthy within their budget. Activities such as walking, running, and using park gyms offer excellent ways to stay fit without adding financial strain. Much like how regular movement improves physical health, a robust financial education empowers individuals to confront life’s obstacles with enhanced confidence and stability.
Financial education isn’t just about numbers; it’s about demystifying the complexities of money management, including simplifying financial jargon and putting practices such as budgeting and saving into real-life contexts, which in turn help build confidence and self-esteem. When people feel empowered to manage their money, they feel more in control of their lives which can lead to improved mental health and a brighter future.
MyBnk’s young adult programmes Money Works and The Money House aim to relieve money worries by equipping young people with the tools they need to take control of their money, particularly when preparing to live independently for the first time. Upon completion, 87% of learners said they had a financial goal over the next five years – this demonstrates how a worried mindset about finances can shift to a positive outlook as young people make plans for their financial future.
Here is what Vicky Reynal, financial psychotherapist and author of the book Money on Your Mind, had to say:
“On Mental Health Awareness Week we cannot ignore the impact that money worries have on young people’s mental health. Many young people in the UK have to manage a range of negative feelings related to their finances: worries about making it from payday to payday; apprehension about not saving enough; the stress of unexpected expenses and insecurities that come with lack of financial knowledge and experience. Financial wellbeing is a cornerstone of overall wellbeing.”
This Mental Health Awareness Week, let’s pledge to shatter the stigmas surrounding the relationship between money and mental health. By prioritising financial education for young people, we can help them build resilience and prosperity in both their financial and mental wellbeing.
Take a look at our work across the UK.
If you’re worried about your mental health, you can visit:
