While the term “money issues” is broad and can mean many things to different people, most simply it refers to how you relate to money in your day-to-day life as a source of stress. Probably the most common worry is not having enough money to meet your needs or worrying you might not have enough money in the future.
Money is a stressor for many people, especially now, given the uncertainty following the COVID-19 pandemic and the rising cost of living. A recent survey found that money was the most cited factor negatively affecting mental health, with 52% of respondents citing money as their top concern.1 In the same survey, specific money concerns varied between groups. For example, rent and housing costs were a concern among many millennials and being unprepared for retirement was common among Gen X respondents.
It’s common to worry about money from time to time, but if occasional concerns become heavier, ongoing stress that disrupts your life or your relationships, it can take a big toll on your emotional, physical and social well-being. Money issues can worsen your sleep, self-esteem and energy and may lead you to have feelings ranging from anger to sadness to worry. You may then find that you self-isolate, or you may find yourself getting into more family conflicts (as money is a common source of stress in these networks).
Other signs of a more significant issue may include:
To cope, you may turn to unhealthy mechanisms like substance use or non-substance addiction such as gambling. But, that likely only compounds your existing money issues. No matter how frustrating or hopeless your situation can feel, there are ways to deal with stress related to money issues and to change your situation for the better.
There are many causes for financial stress, and they vary from person to person and family to family, but a few common ones are:
At a basic level, not having enough money happens when your income from work is less than how much money you spend living your life. Unemployment or unexpected costs can cause difficulties. Meanwhile, jobs that pay too little (of which there are many), dealing with debt, and caring for family can create a long-term, ongoing challenge.
Behaviors fueled by mental health conditions can also contribute to not having enough money and added financial stress. For example, depression or grief might be the cause behind extended unemployment or unpaid debt, and someone with a mood-related condition or a diagnosed personality disorder might make impulsive purchases or risky investments.
Unfortunately, how we feel and respond to challenges with money can make money issues worse. Tasks like opening bills, viewing bank statements or just talking about money can cause stress that leads folks to avoid meaningfully tackling problem areas. Money issues could also lead to serious conditions like depression or low self-worth that make it even harder to deal with and, at worst, could spiral into thoughts of self-harm.
In some cases, money issues are result of financial abuse. This is when someone tries to control you with money by limiting access to your own accounts, withholding money, or providing money only in exchange for certain actions. If you find yourself in this situation, talk to people you trust about it, and consider seeking help from a professional.
It can be difficult to admit money issues are affecting your life or even to notice them, but recognizing them and taking action are necessary steps to regaining a sense of control and security.
Some steps you can take include:
If you need more help, there are resources available:
Money issues are about more than just the numbers. Don’t be afraid to talk to a loved one to process the challenges you’re having.
