Breaking the Taboo: The Crucial Link Between Women's Mental Health and Financial Wellness
Last week I shared a Tweet that I was deliberating on writing a piece for Forbes connecting Black men, mental health, and money to which I received an ourpouring of support.
One response to my Tweet however charged me with writing a piece that spoke to women, money, and mental health to which I couldn’t tackle appropriately— So I reached out to my friend and financial therapist Rashida Thomas for her feedback and contribution to this cause. This is my first guest authored piece on the platform and I think it’s timely and appropriate. Enjoy!
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Money Is Often Seen As A Means To An End
A way to pay bills, buy necessities, and achieve financial goals. However, the impact of financial stability on mental health is often overlooked. This is especially true for women, who face unique challenges in achieving financial wellness and maintaining mental well-being. The link between women's mental health and financial wellness is crucial and deserves more attention.
Studies have shown that women are more likely to experience financial stress than men. According to a report by the American Psychological Association, 80% of women report feeling stressed about money, compared to 73% of men. This stress can lead to anxiety, depression, and other mental health issues. Furthermore, women who experience financial stress are more likely to engage in unhealthy coping mechanisms such as overeating or substance abuse.
Historically, women, especially Millennial women have been told to go to school and get a good job. This can create a breeding ground for women to tie their self-worth to their career success. Women who place a high value on their careers may feel constant pressure to perform, meet deadlines, and exceed expectations. This can lead to chronic stress and anxiety, which can negatively impact their mental health, physical health and cause their financial well-being to fluctuate.
The Gender Pay Gap
Another major factor contributing to financial stress among women is the gender pay gap. Women, on average, earn less than men for doing the same job. This means that women have less disposable income to work with and may struggle to meet basic needs. The pay gap also contributes to a lack of savings and retirement funds, leaving women vulnerable to financial instability in the future.
Women are also socialized to give, but not to receive. As a result, feelings of resentment may arise because no one is offering to help. Not being in a posture of being open to receiving can contribute to financial stress and overwhelm. Anyone can experience this issue, but it’s an issue that’s very prevalent in the African-American community.
The impact of financial stress on women's mental health cannot be overstated. It is crucial that we recognize the link between women's mental health and financial wellness and take steps to remedy it. One way to address the issue is by prioritizing self-care and play that supports their financial wellness journey. When you wake up in the morning, are you pausing to tend to your needs, or rushing to tend to the needs of others first? Embracing self-care and playfulness without feeling guilty will have a major influence on you feeling worthy of joy, care, and abundance.
Self-care looks different to all of us. Some ideas may include taking an Epsom salt or pink Himalayan salt bath. If you have access, physically sit by water (i.e ocean, river, or lake)—especially as the warmer months approach. Water has a lot of healing properties that can help with relaxation and move nutrients through the body.
Another way to address the issue is by providing women with access to financial education and resources. This can include workshops on budgeting, saving, and investing, as well as access to financial therapy tools to investigate the ways you were taught (or not taught) about money, the financial habits your parents had, and discovering what unhealthy beliefs and behaviors are still lingering in your life.
Providing women with the tools they need to achieve financial stability can go a long way in reducing stress and improving mental health.
By recognizing these challenges and taking steps to address them, we can improve the lives of women and promote a more equitable society. Are you a woman looking to take the first step in achieving financial wellness? Start first by getting comfortable with putting yourself first and asking for what you need. Don’t try to figure this out all on your own and don’t feel bad about communicating what you need.
You are not a burden.
Written by
Instagram: rashidas.thomas
ICYMI: My latest article for Forbes “Self Worth And Money: The Dilemma Of Mental Health For Black Men” is LIVE! Click the link to read it.
Last week I offered my first open hours for the PAID membership community and no one showed up! I thought about why and realized that much of my audience is on the west coast or are working during my open hours and perhaps I should change the time slot! I’m working on a survey for you to complete to determine where the most interest is timewise for those open hours.
Did you know I offer 1x1 financial coaching? I recently ran a survey on Twitter asking my audience if they realized I offered financial coaching and the results surprised me! Over 80% of people who completed the poll said no they didn’t. I realized very quickly I needed to solve that problem.
I created this quick video to discuss what working with me looks like and why you should. If you’re interested in 1x1 financial coaching click the button below to book a call with me and get started!