Mental Health and Money Problems: How to Take Care of Both

Experts share how you can safeguard your mental health and money — and leave depression and anxiety in the dust.

Dollar print on a brain - mental health and money concept
(Image credit: Getty Images)

Since 1949, May has been recognized as Mental Health Awareness Month to increase awareness of and acknowledge the importance of mental well-being. Poor mental health affects more people than you may think. One out of every two people in the world will develop a mental health disorder in their lifetime, according to a large-scale study co-led by researchers from Harvard Medical School and the University of Queensland.

Financial stress is one of the main factors that harms mental health, and as May comes to a close, it’s worth acknowledging. According to Bankrate, 47% of U.S. adults say money harms their mental health, “causing anxiety, stress, worrisome thoughts, loss of sleep, depression or other effects.” And 34% of people indicated they have depression due to debt-related stress, according to Forbes Advisor.

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.