Steps to take to help boost your financial and overall mental health. People often talk about how debt negatively affects your financial health, but what about your mental health? A recent study found that “perceived financial well-being is a key predictor of overall well-being.” The likelihood of having a mental health issue is three times higher among those who are in debt.
So why does debt negatively affect our mental health?
“As a society, we don’t typically speak kindly of people in debt.” explains Mackenzie Kingdon as licensed mental health counselor. A lot of labels swirls around about people in debt:failure, immature, impulsive… the list goes on.” It is easy for a person in debt to internalize those feelings, creating a part of their overall identity based upon these self-imposed labels.
A vicious cycle: Mental illnesses also contribute to financial stress. To make matters worse, studies show that people who struggle with existing mental illnesses such as depression, anxiety or even addiction are more likely to struggle with debt. Depression and anxiety make it harder for them to take action to eliminate debt.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.