Survey Results Highlight Connection Between Money and Mental Health

LAS VEGAS, Oct. 15, 2020 /PRNewswire/ -- Results of the latest survey from the National Financial Educators Council demonstrate the connection between people's finances and their emotional state. To raise awareness about the relationship of money and a person's wellbeing over Emotional Wellness Month and Mental Illness Awareness Week, the NFEC conducted a survey of 2,107 people across America between September 29^th and October 3^rd. 

See full results at: https://www.financialeducatorscouncil.org/money-and-mental-health-survey/ 

Brief overview of the NFEC emotional wellness and finance survey questions:

My personal finances have a negative impact on my emotional & mental well-being:

• 32.4% Agree or Strongly Agree
• 39.9% Neutral (neither agree nor disagree)
• 27.7% Disagree or Strongly Disagree

My personal finances are a cause of stress:

• 28.7% Agree or Strongly Agree
• 36.5% Neutral (neither agree nor disagree)
• 34.8% Disagree or Strongly Disagree

My top financial concern is:

• 20.6% Saving Money
• 10.4% Covering Basic Needs (food, housing)
• 9.3% Security of Income or Job
• 9.2% Reducing Expenses
• 8.8% Debt Load
• 5% Credit Score
• 36.7% None of These

According to Vince Shorb, CEO of the NFEC, "Having talked to over 20,000 people one-on-one about their personal finances, I have seen the emotional toll it took on my clients. In many cases, their stress, shame, and lack of confidence often led to worsening financial problems and spilled over to negatively affect many other areas of their lives."

The results of this survey provide data for financial coaches, financial service professionals, educators, and mental health professionals to consider when evaluating the clients they serve.
The NFEC conducted the survey as part of its observance of campaigns that take place in October – Emotional Wellness Month and Mental Illness Awareness Week – to raise awareness for mental health and provide data to help.

There is a connection between mental health and financial wellbeing. Financial literacy data shows peoples finances can impact central areas of their happiness and well-being: relationships, health, lifespan, lifestyle, and career. Those experiencing financial problems often have effects in that spill over into people's daily lives and overall life experiences.

An expert organization in financial education, the National Financial Educators Council offers financial training resources, curriculum, and advocacy toward the goal of raising financial literacy among today's citizens. The NFEC conducts studies to document personal finance health, behavior, and attitudes across the United States and around the world. Their previous research and surveys of financial literacy demonstrate strong connections between people's financial capabilities and their money-related attitudes and behaviors.

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Trevor Stoll

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SOURCE National Financial Educators Council