​Understanding the link between mental health and financial health to strengthen my well-being.

Event Report: Understanding the Connection Between Mental Health and Financial Health to Strengthen My Well-Being

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Date: June 25, 2023
Location: 303 Kendall Avenue, Ottawa
Theme: Understanding the Connection Between Mental Health and Financial Health to Strengthen My Well-Being

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Definition of key concepts

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Mental health refers to a person's overall emotional, psychological, and social well-being. It encompasses how we think, feel, and act, as well as our ability to cope with stress, manage our emotions, maintain healthy relationships, and make decisions. Good mental health involves having positive self-esteem, experiencing happiness and life satisfaction, and being able to adaptively cope with challenges and difficulties.

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Financial health, on the other hand, relates to the effective management of a person's financial resources, their ability to manage their income, expenses, savings, and debt in a balanced manner. It also involves having basic financial knowledge, being able to make informed financial decisions, and planning for the long term to achieve their financial goals.

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In summary, mental health concerns emotional and psychological well-being, while financial health relates to the responsible management of financial resources. Both are essential for overall well-being and can interact significantly.

Link between mental health and financial health
 

On the one hand, mental health can influence financial health. Mental health issues such as stress, anxiety, depression, or mood disorders can impact a person's ability to effectively manage their finances. These issues can lead to impulsive financial behaviors, poor money management, and difficulty maintaining a stable job or making informed financial decisions.

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On the other hand, financial health can also impact mental health. Financial difficulties, such as debt, employment problems, and a lack of financial security, can generate stress, anxiety, and emotional distress. Money-related concerns can disrupt sleep, interpersonal relationships, self-esteem, and overall life satisfaction.

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Thus, good mental health can promote better financial management, while good financial health can contribute to better mental health. It is important to recognize this connection and take steps to promote both mental health and financial health, providing appropriate support, financial skills, and resources to help individuals find balance and improve their overall well-being.

Discussion Guide

1. Exploratory questions:

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• How would you define mental health and financial health?

• In your opinion, what is the link between mental health and financial health?

• How do you think mental health can influence your financial management?

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2. Questions about personal experiences

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• Can you share an experience where mental health impacted your finances? (In the community, with a friend, loved one, or family member, etc.)

• Have you ever noticed how your financial situation affects your mental well-being?

• What are the main financial concerns that can cause stress and anxiety for you?

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3. Questions about strategies and resources:

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• How do you manage financial stress and worries about money?

• Do you have specific practices for taking care of your mental well-being as it relates to your finances?

• Do you need tools to support your mental and financial health?

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4. Questions about goals and needs:

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• What are your mental and financial health goals?

• What challenges do you face in achieving these goals?

• How do you think our organizations can help you strengthen your mental and financial well-being?

 

5. Questions about stock outlook:

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• What concrete actions can you take to improve your mental and financial health?

• What changes or adjustments would you be willing to make to your financial life to promote your mental well-being?

• What types of support or resources would help you achieve your mental and financial well-being goals?