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To celebrate World Mental Health Day 2023, we’re looking at the mental health benefits of forming good financial habits.

Taking place on October 10th, World Mental Health Day 2023 is all about raising awareness of mental health and driving positive change for the benefit of everyone.

Something most people worry about at one time or another is money and there are likely to be more of us worrying about it than usual at the moment as a result of the ongoing cost of living crisis.

Luckily, research shows that taking small steps – like saving a small amount of money each month – can have a positive impact on both your financial wellbeing and your mental health. Here’s everything you need to know.

What is financial wellbeing?

Financial wellbeing is all about people’s relationships with money, the control they have over their own finances and their ability to strike the right balance between having enough money to pay the bills and enough to spend on things they enjoy, both now and in the future.

Financial wellbeing goes beyond simply earning or being able to save lots of money – in fact, recent research suggests that people in the top wage bracket are less content with their lives than those with good financial wellbeing.

Why is financial wellbeing important?

As well as being important for financial reasons, financial wellbeing is also important for our mental health. People with poor financial wellbeing often suffer from stress and anxiety, and are at an increased risk of becoming isolated. Furthermore, employees with financial concerns are more than twice as likely to suffer from reduced productivity and/or absenteeism at work than those with good financial wellbeing.

Conversely, people with good financial wellbeing are less stressed about money, which has a positive effect on their overall health and can help improve their relationships.

How to manage and improve your financial wellbeing

Establishing good financial habits is easier said than done but these tips will help you on your way:

How Leeds Credit Union can help

As a credit union, we don’t have external shareholders or investors, so it’s our members who come first, not profits.

We offer a variety of savings accounts and loans to help our members improve their financial circumstances, while our Money and Budgeting Service (MABS) is also available to members who meet certain criteria. To find out how we can help you increase your financial wellbeing, click here.