Tag: financial stress

Categories : Mental HealthTags :

Financial Well-being: Key to Better Mental Health

On By ModernMedia
Photo by Alex Green on Pexels

As financial pressures continue to mount globally, it’s imperative to acknowledge the profound impact that financial stress can have on mental health. Whether it’s struggling to pay bills, dealing with debt, or worrying about job security, these are all real-life examples of financial stressors that can significantly impact our mental well-being. Recent studies conducted by reputable organisations such as the South African Depression and Anxiety Group (SADAG) and Sanlam shed light on the alarming correlation between these financial strains and mental wellness. In light of this, we aim to provide insights and guidance to help you manage financial stress and improve your overall well-being.

According to SADAG’s online survey, conducted to assess the impact of the pandemic on South Africans’ mental well-being, a staggering 46% of respondents identified financial stress and pressure as significant contributors to their mental health challenges. Similarly, Sanlam’s report revealed that 57% of respondents cited financial stress as the primary factor affecting their mental well-being, with young individuals aged 18-24 being particularly vulnerable.

In light of these findings, it’s important to recognise the empowering role of proactive financial management in safeguarding mental wellness. Effective financial management can significantly reduce the stress associated with financial uncertainties, contributing to better mental health.  By making use of available tools and resources, individuals can gain valuable insights and guidance to manage their finances and budgets more effectively, ultimately supporting their overall well-being.

Speaking on the importance of financial tools and resources, Lerato Thwane, Head of e-Commerce, shares her insights. “Amidst the challenges posed by financial stress, it’s essential for individuals to have access to tools and resources that can provide clarity and support. Through XDS, we empower consumers, giving them the control they need to navigate their financial journey confidently, ultimately promoting financial stability and mental well-being. XDS offers a comprehensive range of products and services to support individuals at every stage of their financial lifecycle. These include credit reports and financial guidance.” 

Thwane continues: “Research has shown that financial stability is closely linked to mental well-being. When individuals have control over their finances and feel secure about their future, they experience lower levels of stress and anxiety. This, in turn, can lead to improved overall mental health, better relationships, and increased productivity in other areas of life. Financial literacy is an important part of achieving financial security. A clear understanding of how to manage money and the basics of budgeting can help individuals gain control over their finances and feel more empowered.”

To improve your financial management skills and overall well-being, consider seeking professional help such as financial counselling. Additionally, accessing your XDS credit profile and score on Splendi can help you better understand your financial status. These resources offer valuable guidance to boost financial literacy, develop healthier money habits, and secure your financial future. 

About Mettus

Mettus is a collective of intelligence companies offering end-to-end data solutions. Established in August 2022 through a private equity-backed management buyout, Mettus is home to three established brands across the fast-growing and in-demand data and technology markets. Our specialities include credit bureau services, background screening and vetting, data platforms and analytics.

At XDS, customer value and lifecycle management have largely replaced old-fashioned credit management as tools to minimise risk and improve profitability within a business.

With this in mind, we are committed to providing smarter and more technologically advanced information solutions to credit grantors and other data users so that they can make better decisions regarding the granting of credit to new customers. We maintain the highest standards of integrity relating to data privacy, confidentiality, and information quality, and we comply fully with all relevant legislation, such as the National Credit Act. We seek to build long-term partnerships with our customers as we help them to grow their businesses.

Categories : Mental HealthTags :

Financial Stress Linked to Worse Biological Health

On By ModernMedia
Photo by Alex Green on Unsplash

People who experience stressful life events or circumstances are more likely to have worse biological health, as indicated by biomarkers involved in the interaction between our immune, nervous and endocrine systems, according to a new study by UCL researchers.

The study, published in the journal Brain, Behavior and Immunity, found that not only major stressful experiences such as bereavement but chronic challenges such as financial strain were detrimental to the healthy interaction of these systems.

Communication between our immune, nervous, and endocrine systems is necessary to maintain good health. Disruption of these processes is linked to a wide range of mental and physical illnesses, from cardiovascular disease to depression and schizophrenia.

When a threat like stress occurs, signals between the immune, nervous, and endocrine systems are activated and spur physiological and behavioural changes.

In this new study, the researchers analysed blood concentrations of four biomarkers in 4934 people aged 50 and over who were participants of the English Longitudinal Study of Ageing. Two of these were proteins involved in the innate immune response to inflammation (C-reactive protein and fibrinogen), and two were hormones involved in the physiology of the stress response (cortisol and IGF-1).

The team used a sophisticated statistical technique, latent profile analysis, to identify clusters of biomarker activity. Three groups were identified and labelled as low risk to health, moderate risk, and high risk. The researchers then looked at how earlier exposure to stressful circumstances might affect people’s likelihood of being in the high-risk group.

They found that exposure to stressful circumstances overall, ranging from being an informal carer to experiencing a bereavement or divorce in the last two years, was linked to a 61% increase in likelihood of belonging to the high-risk group four years later.

Separately, the effect was also cumulative, as the likelihood of belonging to the high-risk group increased by 19% for each stressor experienced, for those who experienced more than one stress-inducing circumstance.

People who reported only financial strain – the perception that they may not have enough financial resources to meet their future needs – were 59% more likely, four years later, to belong to the high-risk group.

Lead author, PhD candidate Odessa S. Hamilton (UCL Institute of Epidemiology & Health Care), said: “When the immune and neuroendocrine systems function well together, homeostasis is maintained and health is preserved. But chronic stress can disrupt this biological exchange and lead to disease.

“We found that financial stress was most detrimental to biological health, although more research is needed to establish this for certain. This may be because this form of stress can invade many aspects of our lives, leading to family conflict, social exclusion, and even hunger or homelessness.”

Experiencing stress over a prolonged period of time can disturb the communication between the immune and neuroendocrine systems. That is because our response to stress is similar to our response to sickness, activating some of the same pathways (for instance, both responses trigger the production of immune system signals called pro-inflammatory cytokines).

The researchers also looked at genetic variants previously found to influence our immune-neuroendocrine response and found that the association between stressful life circumstances and belonging to the high-risk group four years later remained true irrespective of genetic predisposition. 

Source: University College London