Anyone who has ever lost sleep over credit card bills or stock market shake-ups knows that money is so much more than just a set of numbers on a screen. Money, or a lack of it, can be fraught with emotions that – in some cases – lead to health issues including anxiety and depression.
A 2022 survey on money and mental health from Bankrate and Psych Central showed that a large number of Americans experience financial worries. Among those polled, 42% say concerns about finances are having a negative impact on their mental well-being. Between the aftershocks of a global health pandemic and the daily struggles sparked by sky-high inflation, it’s more than understandable.
Other factors could be at work, too. People have emotional attachments to their money because of growing up in poverty (or wealth), experiencing a job loss, or a variety of other issues that don’t always surface without deliberate self reflection. Because we are not always aware of the internal causes of our money issues, breaking through the emotional challenges surrounding them can be difficult. But it’s not impossible. It just requires taking the time — and making the effort — to identify the emotional triggers that can sabotage your financial life. Ideally, that awareness can lead to positive behavioral changes that lead to a less-stressful future when it comes to handling money.
If you need help working through the process, such as identifying the things that take you off track, a financial counselor may be able to assist. While financial planners address the more matter-of-fact aspects of money management, financial counselors tackle money issues through more of a life-coach approach. Many are not licensed psychotherapists (although financial therapists are an option as well) and not all are certified financial planners. These professionals work to help clients understand the root causes of their money troubles and assist them with developing ways to alter or overcome unhealthy financial behaviors.
We all have different experiences with money that led us to where we are now. If you’re wondering what yours are, the free MoneyType quiz developed by Jennifer Leigh Selig, PhD is a great place to start. The good news is that with some guidance, you have the power and ability to change. Here are some strategies to help in overcoming the negative emotions that can sideline our financial progress: