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November 2020

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How to manage financial stress for better mental health


(NC) Although a constant worry for many of us, financial stress may be worse than ever during the pandemic. With employers cutting jobs, businesses shutting down and demand for financial assistance programs increasing, our mental health is taking a hit.

Research shows that for those who are already living with mental health challenges such as dementia, depression or anxiety, managing personal finances can be even more difficult. Feelings of fear, anxiety and worry are heightened.

Receiving professional help is one way to end the cycle around financial stress and mental health. Fortunately, there are free and low-cost ways to access this support and handle money stress.

There are many financial advisors, credit counsellors and financing agencies who are prepared to help, and it’s important to always do your due diligence regarding their legitimacy and cost of service. Many of the same services are also provided for free from banking and credit institutions.

Attending free financial literacy workshops can also drastically improve your financial literacy, helping you to take control of your finances. For example, ABC Life Literacy Canada’s Money Matters program is a free introductory financial literacy program for adult learners offering workshops on a variety of topics including spending plans, banking basics, borrowing and ways to save. Workbooks are written at a grade four to six reading level, making even the most complex financial topics more accessible.

In addition to workshops, adult learners can also access free financial literacy resources and online courses to improve their skills independently. Learn more and access free workbooks and activities at abcmoneymatters.ca.


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