Better Your Mental Health: A Focus On Financial Wellbeing
Explore the often-overlooked connection between financial stress and mental health.
Better Your Mental Health: A Focus On Financial Wellbeing
Explore the often-overlooked connection between financial stress and mental health.
While we often think of mental health in terms of therapy, medication, or self-care practices, there’s another crucial element that deserves attention: our financial health.
The relationship between money and mental health runs deeper than many realize. According to the American Psychological Association’s 2023 Stress in America report, 87% of Americans say inflation has been a significant source of stress over the past two years, while 66% report that money is a significant source of stress in their lives. For many, financial concerns aren’t just about numbers on a bank statement—they represent fundamental need for safety, security, and dignity.
The Real Impact of Financial Stress
Mental health professionals are witnessing this connection firsthand. “Financial concerns are frequently discussed stressors among individuals seeking mental health services,” explains the staff at Capital Area Counseling Service in Pierre, South Dakota. “Whether at the forefront or running quietly in the background, money-related worries often intersect with emotional well-being.”
The most common financial stressors affecting mental health include debt (particularly credit card and student loan debt), medical expenses, job insecurity, and rising housing costs. For younger adults, the challenge of financial independence looms large, while families struggle with childcare expenses and lifestyle pressures.
These financial stressors don’t exist in isolation. Research from the Consumer Financial Protection Bureau shows that financial stress can trigger or worsen anxiety, causing panic attacks, insomnia, and obsessive thoughts. For those experiencing depression, financial difficulties may deepen feelings of hopelessness and low self-worth, creating a challenging cycle where mental health issues make managing finances harder and financial problems worsen mental health symptoms.
Breaking the Cycle: Regional Perspectives
In the Midwest, cultural values like self-reliance and perseverance can be both a strength and a barrier. “Values like self-reliance, modesty, and perseverance are deeply rooted,” note the counseling professionals at Capital Area Counseling. “While these qualities can promote resilience, they may also make it harder for people to ask for help—especially when they’re doing ‘everything right’ and still struggling.”
This is particularly evident in rural communities, where agricultural families face seasonal income fluctuations dependent on factors beyond their control—weather, crop prices, and policy changes. The unpredictability, combined with cultural values emphasizing independence, can make seeking help even more challenging.
Practical Steps Toward Financial Wellness
The good news is that small, manageable actions can make a significant difference. The mental health professionals at Capital Area Counseling report that clients experience relief and empowerment through simple strategies like tracking expenses without judgment, building modest emergency funds, or creating basic debt reduction plans.
Our universal bankers have observed similar patterns and offer these practical tips:
“Start with one small step,” suggests Jan Kahler, Universal Banker in Rapid City. “Whether it’s checking your account balance daily or setting up a small automatic transfer to savings, momentum builds from small victories.”
“Don’t let perfect be the enemy of good when it comes to budgeting,” adds Pratik Patel, a Universal Banker in Pierre. “A simple budget that you actually use is infinitely better than a complex one you abandon after a week.”
“Take advantage of free financial education resources,” recommends Mackenzie Stukel, Branch Retail Supervisor in Gregory. “Many people don’t realize that state agencies, like the South Dakota Department of Labor and Regulation, and community organizations offer free classes on budgeting, debt management, and financial planning.”
The Path Forward
Addressing the intersection of financial and mental health requires both individual action and community support. According to the National Alliance on Mental Illness, nearly 1 in 5 adults in the United States experience mental illness each year, and financial stress is often a contributing factor.
Prevention matters tremendously. Programs offering budgeting classes, job coaching, and financial literacy education help build confidence and resilience before crises arise. Community education serves as a powerful tool in promoting both financial and emotional wellness.
Resources for Support
If you’re struggling with the mental health impacts of financial stress, remember that help is available:
• 988 Suicide & Crisis Lifeline: Dial, text, or chat 988 for free, confidential support 24/7
• Consumer Financial Protection Bureau: Offers resources on money and mental health
• National Foundation for Credit Counseling: Provides free and low-cost financial counseling services
• South Dakota Department of Labor and Regulation: Learn facts about the financial world while receiving guidance with your personal budget through adult education.
BankWest is committed to supporting our customers’ complete wellbeing. We offer financial advice and flexible solutions designed to help you navigate challenging times.
Accessing mental health care can often feel financially out of reach. That’s why Capital Area Counseling Service (CACS) is dedicated to making these essential services more accessible. In partnership with the South Dakota Department of Social Services, 11 Community Mental Health Centers (CMHCs) across the state offer support to help cover treatment costs. No one should have to choose between their mental health and financial well-being. Help is available—and support is within reach. Find a CMHC near you.
Remember, seeking help for financial stress is not a sign of weakness, it’s a proactive step toward better mental and financial health. Whether you’re dealing with debt, planning for the future, or simply want to build better money habits, resources and support are available.
Your financial wellbeing and mental health are interconnected, and taking care of both is an investment in your overall quality of life. This Mental Health Awareness Month, consider how small steps toward financial wellness might also support your emotional wellbeing.
If you or someone you know is experiencing a mental health crisis, please reach out for help immediately by calling 988 or calling your local emergency personnel.
The relationship between money and mental health runs deeper than many realize. According to the American Psychological Association’s 2023 Stress in America report, 87% of Americans say inflation has been a significant source of stress over the past two years, while 66% report that money is a significant source of stress in their lives. For many, financial concerns aren’t just about numbers on a bank statement—they represent fundamental need for safety, security, and dignity.
The Real Impact of Financial Stress
Mental health professionals are witnessing this connection firsthand. “Financial concerns are frequently discussed stressors among individuals seeking mental health services,” explains the staff at Capital Area Counseling Service in Pierre, South Dakota. “Whether at the forefront or running quietly in the background, money-related worries often intersect with emotional well-being.”
The most common financial stressors affecting mental health include debt (particularly credit card and student loan debt), medical expenses, job insecurity, and rising housing costs. For younger adults, the challenge of financial independence looms large, while families struggle with childcare expenses and lifestyle pressures.
These financial stressors don’t exist in isolation. Research from the Consumer Financial Protection Bureau shows that financial stress can trigger or worsen anxiety, causing panic attacks, insomnia, and obsessive thoughts. For those experiencing depression, financial difficulties may deepen feelings of hopelessness and low self-worth, creating a challenging cycle where mental health issues make managing finances harder and financial problems worsen mental health symptoms.
Breaking the Cycle: Regional Perspectives
In the Midwest, cultural values like self-reliance and perseverance can be both a strength and a barrier. “Values like self-reliance, modesty, and perseverance are deeply rooted,” note the counseling professionals at Capital Area Counseling. “While these qualities can promote resilience, they may also make it harder for people to ask for help—especially when they’re doing ‘everything right’ and still struggling.”
This is particularly evident in rural communities, where agricultural families face seasonal income fluctuations dependent on factors beyond their control—weather, crop prices, and policy changes. The unpredictability, combined with cultural values emphasizing independence, can make seeking help even more challenging.
Practical Steps Toward Financial Wellness
The good news is that small, manageable actions can make a significant difference. The mental health professionals at Capital Area Counseling report that clients experience relief and empowerment through simple strategies like tracking expenses without judgment, building modest emergency funds, or creating basic debt reduction plans.
Our universal bankers have observed similar patterns and offer these practical tips:
“Start with one small step,” suggests Jan Kahler, Universal Banker in Rapid City. “Whether it’s checking your account balance daily or setting up a small automatic transfer to savings, momentum builds from small victories.”
“Don’t let perfect be the enemy of good when it comes to budgeting,” adds Pratik Patel, a Universal Banker in Pierre. “A simple budget that you actually use is infinitely better than a complex one you abandon after a week.”
“Take advantage of free financial education resources,” recommends Mackenzie Stukel, Branch Retail Supervisor in Gregory. “Many people don’t realize that state agencies, like the South Dakota Department of Labor and Regulation, and community organizations offer free classes on budgeting, debt management, and financial planning.”
The Path Forward
Addressing the intersection of financial and mental health requires both individual action and community support. According to the National Alliance on Mental Illness, nearly 1 in 5 adults in the United States experience mental illness each year, and financial stress is often a contributing factor.
Prevention matters tremendously. Programs offering budgeting classes, job coaching, and financial literacy education help build confidence and resilience before crises arise. Community education serves as a powerful tool in promoting both financial and emotional wellness.
Resources for Support
If you’re struggling with the mental health impacts of financial stress, remember that help is available:
• 988 Suicide & Crisis Lifeline: Dial, text, or chat 988 for free, confidential support 24/7
• Consumer Financial Protection Bureau: Offers resources on money and mental health
• National Foundation for Credit Counseling: Provides free and low-cost financial counseling services
• South Dakota Department of Labor and Regulation: Learn facts about the financial world while receiving guidance with your personal budget through adult education.
BankWest is committed to supporting our customers’ complete wellbeing. We offer financial advice and flexible solutions designed to help you navigate challenging times.
Accessing mental health care can often feel financially out of reach. That’s why Capital Area Counseling Service (CACS) is dedicated to making these essential services more accessible. In partnership with the South Dakota Department of Social Services, 11 Community Mental Health Centers (CMHCs) across the state offer support to help cover treatment costs. No one should have to choose between their mental health and financial well-being. Help is available—and support is within reach. Find a CMHC near you.
Remember, seeking help for financial stress is not a sign of weakness, it’s a proactive step toward better mental and financial health. Whether you’re dealing with debt, planning for the future, or simply want to build better money habits, resources and support are available.
Your financial wellbeing and mental health are interconnected, and taking care of both is an investment in your overall quality of life. This Mental Health Awareness Month, consider how small steps toward financial wellness might also support your emotional wellbeing.
If you or someone you know is experiencing a mental health crisis, please reach out for help immediately by calling 988 or calling your local emergency personnel.