How to deal with mental health and money

LINCOLN, Neb. (KLKN) – The link between mental and financial health is stronger than you might think.

And with the rising cost of everyday goods, Americans are feeling the pressure.

A national survey by Bankrate.com found that over 40% of Americans say money is negatively impacting their mental health.

“The consumer price index is based on a basket of goods, but it doesn’t really tell the whole story,” said Eli Mardock, a financial professional at Stonebridge Insurance and Wealth Management. “So when you look at individual things such as groceries, that’s gone up 15%, 16%, gas has seen an almost 50% rise, so it makes sense that Americans are taking on more debt.”

Mardock offers ways that people can ease their stress and regain control over their finances.

“You know I think a lot of people, especially younger people, forget about the time value of money and how powerful that can be,” he said. “And so I really suggest to, you know, whether they’re younger clients or people who haven’t really started investing or doing anything formal with their retirement planning, to really talk to a professional, talk to a fiduciary and put a plan together.”

He also suggests that Americans build on their savings and tackle their debts.

Overall, it’s important to not be afraid to talk about it and get help.

“Like mental health, financial health is a similar thing,” Mardock said. “I really suggest that people talk to a professional. I know it can be awkward talking about how much you make or how much you owe or what your debt is, but it only makes things worse to bottle it up and do nothing about it.”

Categories: Consumer News, Money, News, Top Stories