Breaking the Silence: Talking About Money and Mental Health
It's World Mental Health Day, and there's a conversation we need to have—one that affects millions but remains hidden in shame and silence. The connection between your wallet and your wellbeing is real, powerful, and something we can no longer afford to ignore.
The Hidden Crisis
83% of Americans report financial stress driven by inflation, mass layoffs, rising costs, and recession concerns. Even more striking, 43% of U.S. adults say money negatively affects their mental health, causing anxiety, stress, worrisome thoughts, loss of sleep, and depression.
But here's what makes this crisis particularly challenging: we're not talking about it. 88% of people with mental health problems who are also in financial difficulty had not told their doctor, despite saying their financial situation made their mental health worse.
Why the silence? Because both money and mental health carry heavy stigmas that keep us suffering in isolation.
Understanding the Double Stigma
Money and mental health problems each carry their own burden of shame. When they intersect, the weight can feel unbearable.
One of the most common reasons people gave for not bringing up financial difficulties when talking with a doctor about their mental health was shame and embarrassment. There's a harmful stereotype that people in debt are irresponsible, impulsive, or unable to manage their lives. This crude image prevents many from seeking the help they desperately need.
The truth? 72% of people with mental health problems said their mental health had made their financial situation worse. It's not a character flaw—it's a cycle that traps good people in difficult circumstances.
The Real Impact on Families
Financial stress doesn't stay at work or hide in your wallet. It comes home with you, affecting every relationship and conversation.
More than one-third of couples report finances to be the most stressful aspect of their relationship, and 42% of U.S. adults have disagreements about money with their partners. When we can't talk openly about money, we can't work together to solve problems.
The stress affects different groups in unique ways. Women are more likely to experience financial stress than men, with 51% of women saying money negatively affects their mental health compared to 42% of men. Middle generations feel the squeeze most acutely, often caring for both children and aging parents while managing their own financial pressures.
Starting Healthy Money Conversations
The good news? You can change this pattern in your own life and relationships. Here's how to start talking about money in ways that support, rather than harm, your mental health:
Create a Safe Space
When family talks are free from judgment and all members feel comfortable discussing topics openly, you create a safe place for future conversations, especially when financial emergencies or tough topics arise.
Choose a calm moment when everyone feels relaxed—not when bills are due or tensions are high. Make it clear this is about working together, not assigning blame.
Start With Your Story
Talking about money generally and what your thoughts, feelings, behaviors, and values are around money should happen early in relationships. Share your own financial journey, including the struggles. When you're vulnerable first, you give others permission to be honest too.
Be Honest About Your Feelings
Financial conversations aren't just about numbers—they're about the emotions those numbers trigger. One of the biggest reasons people feel uncomfortable talking about money is because it requires vulnerability. Acknowledge your anxiety, fears, or shame. These feelings are valid and sharing them reduces their power.
Focus on Partnership, Not Perfection
Managing finances as a couple requires patience, compromise, and a shared commitment to building a future together. Remember you're on the same team. The goal isn't to win an argument—it's to build a stronger financial foundation together.
Schedule Regular Check-Ins
Having a regular weekly or monthly money date can help you get into the habit of staying on top of your financial decisions together. Make these conversations routine so money discussions feel normal rather than crisis-driven.
Practice Active Listening
Maintain a frank but friendly tone to put your partner at ease, and catch yourself if you're doing more talking than listening. Sometimes people just need to be heard without judgment or immediate solutions.
“There’s a harmful stereotype that people in debt are irresponsible, impulsive, or unable to manage their lives. This crude image prevents many from seeking the help they desperately need.”
When to Seek Professional Help
Sometimes the healthiest conversation is the one where you acknowledge you need outside support. If financial stress is:
Keeping you awake at night regularly
Causing conflicts that damage your relationships
Making you avoid opening bills or checking accounts
Leading to impulsive spending or financial decisions you regret
Contributing to feelings of hopelessness or depression
It's time to reach out for professional guidance.
Your Partner in Financial Wellness
At Public Service Credit Union, we understand that financial challenges affect more than just your bank account—they affect your whole life. That's why we offer free financial counseling with a Certified Credit Union Financial Counselor (CCUFC).
Our judgment-free counseling services include:
Budgeting support to help you feel more in control
Debt management strategies that reduce stress and build momentum
Credit score improvement guidance
Financial planning tailored to your unique situation
Sessions typically last 45 minutes to an hour and are available as frequently as scheduling allows. We're not here to judge your past decisions—we're here to help you build a better financial future.
Breaking the Cycle
The connection between money and mental health is undeniable, but it doesn't have to be destructive. By breaking the silence, starting honest conversations, and seeking support when you need it, you can change the trajectory of both your financial and mental wellbeing.
Remember: struggling financially doesn't make you irresponsible. Experiencing mental health challenges doesn't make you weak. And asking for help doesn't make you a failure. It makes you human, and it makes you brave.
This World Mental Health Day, make a commitment to yourself and your loved ones: break the silence. Start the conversation. And know that you don't have to do it alone.
Ready to start your journey toward financial wellness? Contact our team for a free, confidential consultation:
Financial Counseling: info@publicservicecu.org
Loan Questions: loans@publicservicecu.org
Phone: (715) 842-9865
Your mental health and financial health are connected. Let's work on both together.