According to Wagestream’s 2022 Cost of Living Report, 70% of UK employees are now worrying more about money. Out of these people, 76% are suffering worsened mental health as a result. This highlights a need for the link between mental health issues and financial concerns to be discussed.
Rising Living Costs
With living costs constantly increasing at the moment, you may be finding it harder to cope. You are not alone. We are all finding it difficult at the moment, and here’s why…
The Strength of Stress
Stress can really impact your health, even without you necessarily realising. If you’re worried about money and it’s causing you a lot of stress you may experience:
- Headaches
- Restlessness
- Stomach problems
- Sleep problems
These are all difficult to deal with, especially issues with your sleep. If you’re worried about your finances, you may develop insomnia, finding it difficult to get to sleep or to stay asleep at night.
A Vicious Cycle
Issues with your sleep can contribute to the development or worsening of various mental health problems, such as depression and anxiety. It really is important for us to get a good night’s rest.
As we discussed in last week’s blog, mental health problems can most definitely negatively affect your finances. Worrying about your financial situation may then worsen your mental health problems, creating a downwards spiral.
Managing Stress
- Exercise… yes, we know that this always seems to be the automatic response for dealing with mental health struggles, but it really is worth a try. It won’t solve everything but it might help you work off some of the stress and worry building up in your body
- Socialise… it can be easy to cut people off when we are struggling, but this isn’t the answer. Whether it’s blowing off some steam with your friends or ringing a family member for half an hour, it can help take your mind off things
- Self-care… pencil in time for yourself. Do a facemask. Have a bath. Watch a film. We don’t care what you do, just that you do it
- Avoid unhealthy habits… as we saw last week, money concerns can feed addiction, but it will not make you feel better in the long run
You can Also Save Money on Prescriptions
If you are on medication for your mental health (or for any other reason) and paying for it, you may not have to.
A single prescription charge is £9.35. However, you can get a prescription prepayment certificate (PPC) through the NHS where you can pay £30.35 for 3 months, or £108.10 for 12 months. If you have multiple prescriptions a month, a PPC is definitely worth looking into to save some money.
You can also find out whether you are eligible for help paying for prescriptions here.