Money on Your Mind

The burden of financial stress is a pervasive challenge for the younger generation. The consequences of this sustained financial pressure extend into every facet of life. Mentally, it can manifest as persistent anxiety, episodes of panic related to financial obligations, impaired concentration, and symptoms indicative of depression.

It is not an isolated struggle:

• A  2025 Gen Z and Millennial Survey from Harvard indicated that a striking 56% of young adults report that financial stress negatively impacts their mental health.
• Furthermore, a Deloitte survey – On Edge: Understanding and Preventing Young Adult’s Mental Health Challenges – reveals that half of Gen Zs (50%) and nearly half of millennials (47%) cite their longer-term financial future as a significant contributor to feelings of anxiety and stress. This extensive prevalence underscores a shared experience of financial pressure that extends beyond individual circumstances.
• The insidious nature of financial worry can entrench existing mental health struggles; the Money and Mental Health Policy Institute found that individuals grappling with depression and debt are 4.2 times more likely to continue experiencing depression 18 months later compared to those without financial difficulties.

Individuals may find themselves consumed by thoughts of spending, caught in a cycle of comparison with others, or overwhelmed by routine financial decisions. Emotionally, the toll can include feelings of shame, guilt, diminished self-worth, and hopelessness, particularly when perceived judgment or isolation compounds the struggle. Social relationships can suffer as financial constraints lead to withdrawal from activities, which in turn fosters a sense of loneliness. Physically, the body responds to chronic stress with headaches, muscle tension, sleep disturbances, and a compromised immune system, rendering individuals more susceptible to illness.

As Aja Evans, a licensed mental health counsellor specialising in financial stress, articulates, “When it comes to anxiety about money, people don’t necessarily know they’re dealing with financial stress. They just know life feels hard.” This perception of life’s arduousness is often deeply rooted in financial instability, representing a valid and widely shared experience among young adults today.

It is paramount to recognise that experiencing financial worries is not an indication of personal weakness or a failing. It is a widespread challenge in the contemporary economic landscape. If you find yourself caught in the cycle of financial stress and its mental health implications, understand that you do not need to endure this alone. Seeking support, whether from a trusted friend, family member, mentor, or a qualified mental health professional, is a vital and courageous initial step toward alleviation. Resources, strategies, and compassionate individuals are available to help navigate these complex and interconnected challenges. Your holistic well-being is invaluable, and it merits cultivation, regardless of your current financial circumstances.