Financial wellness is being called the next wave in workspace wellness with physical, mental, and financial wellness being viewed as equally important. According to Forbes, employees with debt are 3 times more likely to develop and have a mental health issue.
When you are stressed and struggling financially, every part of your mental and physical well-being can suffer. When finances are tight, employees tend not to have a financial “safety net” in case of an emergency, or unplanned necessary expenses (needing new brakes in the car or taking the family pet to the vet for a broken bone). Additionally, according to a survey conducted by HR Dive, nearly half of employees will forgo important healthcare needs in their attempt to save money. Unfortunately, as the necessary medical treatment is delayed, often the condition worsens and ultimately increases the cost.
All of these stressors pile on and make life feel more burdensome for those who are financially stressed, which can lead to mental health concerns. In fact, financial stress is the second most common cause of suicide, after depression.
So, what can you do?
You can take steps to improve your finances and minimize financial stress by creating a budget, saving for a rainy day, and using financial planning resources like those provided by your EAP, or the products available through the CSEBA Store. A good budget can be difficult to build, but it is ultimately worth it. Remember, pay yourself first! Save for the future, and make sure to pay your bills. Also remember that you are human and need other things as well. When thinking about creating your budget, make sure you are designing a budget to make you happier such as making sure to have budget for basics (bills and food), building relationships (going out), leisure or fun (travel, concerts, etc.), and enhancing your skills (education, classes, or workshops). Building these categories into your budget allows you to be more flexible with your money and enjoy life without having to dip into your savings – or run out of money completely – before the next paycheck.
Even with the best budgets, sometimes finances can be tight and stress increases. When that happens, try using stress-relieving techniques such as yoga, meditation, and getting support from friends and family.
Info from: https://www.plansponsor.com/physical-mental-financial-wellness-viewed-equally-important/, https://www.hrdive.com/news/employees-want-a-hand-with-their-financial-mental-well-being/558700/, https://www.talkspace.com/blog/financial-issues-impact-mental-health/, https://www.forbes.com/sites/brettwhysel/2018/06/27/3-vicious-cycles/#5d30732f540d