The impact of worrying about money

This is especially true for students, with mounting debts from tuition fees, student loans and navigating the cost-of-living crisis, concerns over money are amplified tenfold.

With the pressures of performing well at university, tied in with moving to a new place and making new friends, adding financial worries to this mixture can lead to mental health disorders. The impact of financial worries is huge among students, with the percentage of students suffering with mental health conditions increasing each year.

How does being a student link with money and mental health?

Any age demographic above 18-years old can struggle with financial worries. Money can often dictate quality of life as it is required for so much, including basic essentials. Students must contend with rising costs for rent, food and socialising on top of their studying. As recently as 2022, 90% of students reported that their mental health had been affected by the cost-of-living crisis, with 42% reporting that they were living off £100 a month or less. This can impact each aspect of their life, their ability to socialise, buy supplies, maintain a healthy diet or exercise. This has led to an increase of the number of students feeling lonely with nearly three quarters reporting they have experienced feelings of isolation.

Students rely on socialising to maintain good mental health. Many are learning new life skills such as cooking, working or relying on themselves to maintain a healthy lifestyle and often away from family and best friends. Financial worries can restrict them from partaking in social activities, which ultimately leads to shame, anxiety and depression.

How worry prevents us from acting?

Actions are dictated by intention and desire. If an individual is concerned about an issue such as how they will be able to afford food, this can dictate other decisions, such as paying for transport to lectures, educational supplies or mobile phone bills. If this continues over a prolonged period, mental health issues will intensify. Anxiety is an intense condition which can prevent even typically confident people from completing simple tasks. Worry can also cause depression, which can strip a person of their motivation and cause burnout, and with students juggling so many things at once, it could lead to more severe issues.

The stress caused by worry can lead to performance issues. Worry can cause a person to overthink or act irrationally. The pressures of deadlines and multiple assignments, students who are dealing with financial concerns may see a drop in their academic performance which creates further worry and stress.

Managing your worry

Financial worries can dictate a person’s actions and behaviours. It could decide how much food they will be eating in a month; the type of home they can pay rent for and cause irrational behaviour. However, there are effective methods which can be used to manage worry. One such technique is to assess how pressing a worry is, if it is under your control and what can be done about it. Worrying is a part of life and a natural human reaction, especially regarding money at a young age. Sometimes, these worries can be out of our control, a primary example being the rising cost of living. We as individuals cannot control everything, and in such instances, it is best to acknowledge that it is out of your control and accept this. This will help to not only ground you but also provide space to consider new and inventive solutions to effectively deal with an issue.

Planning is central to establishing a sense of structure and actioning intentions. Having a structure to address an issue eliminates some of the uncertainty from your mind. If you have a plan of action and an idea of how things will play out, it puts your mind at ease and you are more able to carry out the actions required. Starting to plan can be the toughest step, but once you’ve begun, your mind will shift focus away from the worry and on to planning and actioning.

What should I do if I have problems with money? 

If you are dealing with money problems and feel it is a consistent issue, it can be tempting to give into the concerns and not seek solutions. In instances such as this, consider some of these options to deal with problems:

• Make a budget:
  • Creating a monthly budget is a good start to managing your money worries. Keeping track of the money you have available and how much is being spent on expenses, allows for effective planning. With this structure in place, you can avoid accidental over spending and keep you prepared for any financial surprises.
• Clear your head:
  • Like with any stress or worry, experiencing financial worries for a prolonged period will lead to a decline in mental and physical health. This can be caused by a lack of sleep, burnout or increased substance use. When this pressure begins to build, be sure to take a moment to ground yourself. This can be done by listening to music, going on a walk, meditating, whatever it takes to give yourself some peace of mind. Relieving yourself of this mental stress provides a moment to reflect and assess.
• Seek support:
  • Money issues can be incredibly daunting, especially for younger people who are experiencing financial independence for the first time. If you are truly struggling, seek out a trusted and reliable financial expert. They will be able to provide you with greater insights into your situation and give an outside perspective on how to manage a worrying situation, taking some of the stress off you.

Student Assistance Programme (SAP)

Health Assured’s specialised Student Assistance Programme is designed to aid students with their problems, personal or educational. With a 24/7 helpline available 365-days a year, confidential support is always readily available. This includes financial information regarding money worries, future planning and dealing with stress and anxiety. With expert counsellors on the line and a 50% drop in rates of anxiousness and nervousness, our SAP is proven to lessen worries and ease concerns among students.

Struggling with money is never easy, and the weight of such problems can feel like too much at times. But it isn’t a hopeless situation. There are ways to cope with and manage this stress, whether it be a purely logical solution such as budgeting, an emotional release to provide scope or expert advice for a supportive and fresh perspective.